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                                                                     EXHIBIT 4.4

                              AMENDED AND RESTATED

                           BUILD-A-BEAR WORKSHOP, INC.

                             STOCKHOLDERS' AGREEMENT

      THIS AMENDED AND RESTATED STOCKHOLDERS' AGREEMENT ("Agreement"), made as
of the 21st day of September, 2001, by and among Build-A-Bear Workshop, Inc., a
Delaware corporation, hereinafter referred to as the "Corporation", and the
individuals, hereinafter sometimes referred to collectively as "Stockholders" or
individually as "Stockholder," set forth on Schedule 1 hereto:

      WITNESSETH:

      WHEREAS, the Stockholders own the shares of capital stock of the
Corporation as indicated on EXHIBIT A attached to this Agreement and
incorporated herein by reference, which shares constitute all of the outstanding
capital stock of the Corporation as of the date hereof (hereinafter referred to
as "Shares"); and

      WHEREAS, the Stockholders previously entered into a Stockholders'
Agreement dated April 3, 2000, as amended on April 10, 2001 (the "Original
Agreement"); and

      WHEREAS, Barney A. Ebsworth and Windsor Capital, Inc., a Missouri
corporation ("Windsor") conveyed all of their respective Shares (the
"Transferred Shares") to the Barney A. Ebsworth Revocable Trust dated July 23,
1986 (the "Trust"); and

      WHEREAS, the Corporation's business is such that it is in its best
interests that its Shares be closely-held by persons knowledgeable about the
Corporation's business, and the Corporation and Stockholders desire to provide
for continuity and harmony in the management of the Corporation; and

      WHEREAS, it is in the best interests of the Stockholders and the
Corporation that management of the Corporation be conducted in an orderly manner
with the consensus of the Stockholders as hereinafter provided.

      NOW, THEREFORE, the Stockholders and the Corporation agree as follows:

      1.   Scope of Agreement; Restrictions on Transfer; Effectiveness.

      1.1 Scope; Restrictions on Transfer. From and after the date hereof, none
of the Stockholders will sell, assign, pledge, or otherwise transfer, any
interest in any Shares except pursuant to the provisions of this Agreement. This
Agreement shall apply to all transfers of Shares (now owned or hereafter
acquired) by the Stockholders, whether voluntary, involuntary or by operation of
law, resulting from death or otherwise and all exchanges or conversions of
Shares

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in a merger, consolidation or mandatory share exchange. Clark/Fox and SSI shall
cause all of their respective members or shareholders, as the case may be (the
"Indirect Stockholders"), to be bound by the terms and conditions of Sections 1
through 8, 10, 12 and 15 of this Agreement with respect to transfers of their
membership interests in Clark/Fox and/or shares in SSI, as the case may be (such
membership interests or SSI shares to be Shares for purposes of the transfer
restrictions herein), provided that such transfer restrictions in Sections 1
through 8 shall not apply to transfers to other Indirect Stockholders.

      1.2 Supersedes. Upon the execution of this Agreement by holders of not
less than 90% of the Shares of the Corporation, this Agreement shall supersede
the Original Agreement.

      2.  Option Upon Voluntary Transfer.

      2.1 Notice of Intention to Transfer. If a Stockholder intends to transfer
Shares of which he, she or it is owner to any person other than to the
Corporation or as a permitted transfer as provided in SECTION 2.4 hereof, such
Stockholder shall give written notice to the Corporation and the other
Stockholders of the proposed terms (including sales price), conditions and
manner of disposition, the number of Shares to be disposed of and the person(s),
firm(s) or corporation(s) to whom the selling Stockholder proposes to transfer
such Shares. The notice, in addition to stating the fact of the intention to
transfer Shares, shall state: (i) the number of Shares to be transferred; (ii)
the name, business and residence address of the proposed transferee; and (iii)
whether or not the transfer is for valuable consideration, and, if so, the
amount of the consideration and the other terms of sale.

      2.2 Corporation Option to Purchase. Within thirty (30) days of the
Corporation's receipt of the notice of the proposed transfer, the Corporation
may exercise an option (hereby granted by each Stockholder) to purchase all or
any of the Shares proposed to be transferred for the sales price and terms
thereof as set forth in the notice, and upon the other terms provided
hereinafter.

      2.3 Stockholders' Option to Purchase. If the Corporation does not exercise
its option to purchase all or any portion of such Shares, the remaining
Stockholders within sixty (60) days of the Corporation's receipt of the notice
of the proposed transfer, shall have an option (hereby granted by each
Stockholder) to purchase all unpurchased Shares, pro rata according to their
respective percentages of Common Stock, par value $.01 per share (the "Common
Stock") (without regard to the selling Stockholder's Shares and assuming all of
the Shares which are convertible into Common Stock had been so converted as of
the date of such determination), provided however, that if any such Stockholder
elects to exercise her or his option to purchase pursuant to this Section 2.3,
such Stockholder shall exercise it with respect to all but not less than all of
her or his respective pro rata portion. If the remaining Stockholders do not
exercise their respective options to purchase all of such Shares, then any
Stockholder who has exercised his or her option to purchase his or her pro rata
share of the remaining Shares may exercise an option to purchase all of its pro
rata portion of such unpurchased Shares, subject to SECTION 4.2 hereof. The
process in the immediately preceding sentence shall continue until all of the
unpurchased

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Shares have been purchased or until no Stockholder desires to purchase any
remaining unpurchased Shares.

      2.4 Transfer to Revocable Trust; Permitted Transfers. Notwithstanding any
other provision of this Agreement, a Stockholder may transfer Shares to an
Affiliate (as hereinafter defined), or to a revocable trust established for his
or her benefit, of which he or she is the sole trustee at the time of the
transfer; provided, however, that any such Shares so transferred shall remain
subject to this Agreement, and the Stockholder shall remain obligated under this
Agreement. In the event Shares are transferred by a Stockholder to his or her
revocable trust, such Stockholder and his or her revocable trust shall be
treated as a single Stockholder for purposes of this Agreement.

      3.   Option Upon Involuntary Transfer.

      If other than by reason of a Stockholder's death, disability or
dissolution of marriage, Shares are transferred by operation of law to any
person other than to the Corporation (such as, but not limited to, a
Stockholder's trustee in bankruptcy or a purchaser at any creditor's or court
sale), the Corporation or the remaining Stockholders, within seventy (70) days
of the Corporation's receipt of actual notice of the transfer may exercise an
option (hereby granted by each Stockholder) to purchase all but not less than
all of the Shares so transferred in the same manner and upon the same terms as
provided in SECTION 2, with respect to Shares proposed to be transferred.

      4.   Exercise of Options and Effect of Non-Exercise of Options.

      4.1 Notice. The Corporation and the Stockholders who exercise options
granted in SECTIONS 2 OR 3 shall do so by delivering written notice of their
exercise of the options within the time provided in said Sections to the
proposed transferor or to the transferee in the case of SECTION 3.

      4.2 Non-Exercise. If the purchase options are forfeited or not exercised
in the aggregate for all the Shares proposed to be transferred in compliance
with SECTIONS 2 or SECTION 3, then, in the case of a proposed transfer under
SECTION 2, the Shares may be transferred, within ten (10) days after the
expiration of the option period granted to the other Stockholders, to the
transferee named in the notice required by SECTION 2, and upon the terms therein
stated, which Shares when so transferred shall be subject to the terms of this
Agreement. In the case of a transfer of Shares under SECTION 2 or SECTION 3, the
Shares shall, in the hands of the transferee, be subject to the terms of this
Agreement.

      4.3 Requirements. No transfer pursuant to SECTION 2 shall be valid if the
transfer is not within the aforesaid ten (10) day period, or is not for the
consideration or upon the terms or to the transferee stated in the notice
required of the transferring Stockholder by SECTION 2. In such a case the Shares
shall remain subject to this Agreement.

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      4.4 Shares Reacquired. In the event a transferor in a SECTION 2 transfer
reacquires all or any portion of the transferred Shares, the Shares shall be
subject to this Agreement as if no transfer had been made.

      4.5 Vote. A proposed transferor of Shares under SECTION 2, as a
Stockholder or a director, or both, of the Corporation, shall vote in favor of
the Corporation's exercise of the purchase options granted to it by this
Agreement at any meeting of Stockholders or directors called for such purpose.

      5.  Purchase Price.

      5.1 Voluntary Transfer. For purposes of any purchase of all of a
Stockholder's Shares pursuant to SECTION 2 the purchase price shall be as set
forth in the notice given as provided in SECTION 2.

      5.2 Involuntary Transfer. For purposes of any purchase of all of a
Stockholder's Shares pursuant to SECTION 3, the purchase price of Shares shall
be lesser of (i) the price determined by all the Stockholders of the Corporation
pursuant to EXHIBIT B of this Agreement or (ii) the price per share at which
Shares were transferred pursuant to the most recent transaction giving rise to
an option granted in SECTION 3 of this Agreement.

      6.  Payment of the Purchase Price and Other Payments.

      6.1 Cash Payment. The purchase price for Shares purchased pursuant to
SECTION 2 and shall be paid in cash at the closing, except that at the option of
Clark, Klocke, Vent and Smith, if such persons are the purchasing party or
parties, fifty percent (50%) of the purchase price may be deferred and at least
fifty percent (50%) shall be paid at closing. The aggregate amount deferred by
Clark, Klocke, Vent and Smith shall not exceed $500,000 in the aggregate. The
purchase price for Shares purchased pursuant to SECTION 2 shall be paid on such
terms as set forth in the notice provided therein.

      6.2 Promissory Note. The deferred portion of the price, if any, shall be
evidenced by the promissory note of the purchasing party, shall be in
substantially the form set forth in EXHIBIT C to this Agreement, shall bear
interest at the semi-annual applicable federal rate (as determined pursuant to
regulations promulgated under the Internal Revenue Code of 1986, as amended in
effect on the date of closing) plus two percent (2%) and shall be payable in
equal monthly installments for a period not to exceed five (5) years.
Notwithstanding the foregoing, in no event shall the cumulative deferred portion
of the purchase price owed collectively by Clark, Klocke, Vent and Smith
outstanding at any time and pursuant any purchase under SECTION 2 exceed
$500,000.

      6.3 Pledge Agreement. All Shares purchased pursuant to this Agreement and
financed by a note shall be pledged to the selling Stockholder as security for
the payment of the note by a Collateral Pledge Agreement, in the form attached
hereto as EXHIBIT D.

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      7.  The Closing.

      7.1 Time of Closing. In the case of a purchase of Shares under SECTIONS 2
OR 3, the closing of the sale and purchase shall take place twenty (20) days
after the delivery to the selling Stockholders of written notice by the last of
the purchasing party or parties to deliver such notice of its, his or their
exercise of the option or options to purchase said Stockholder's Shares.

      7.2 Absence of Liens. All Shares shall be delivered to the Corporation or
purchasing Stockholder free and clear of all liens, claims and encumbrances
excepting only those for which provision is expressly made in this Agreement.

      7.3 Sequence of Closings. The sale and purchase of Shares which the
remaining Stockholders have elected to purchase pursuant to SECTION 2 or SECTION
3 hereof shall take place immediately prior to the sale and purchase of Shares,
if any, which the Corporation has elected to purchase.

      8.  Compliance with Agreement.

      8.1 Legend on Certificates. All Shares now or hereafter owned by the
Stockholders of the Corporation shall be subject to the provisions of this
Agreement and the certificates representing Shares, including Shares in the
hands of permitted transferees, shall bear the following legend:

      "THE SALE, TRANSFER OR ENCUMBRANCE OF THIS CERTIFICATE IS
      SUBJECT TO AN AMENDED AND RESTATED STOCKHOLDERS' AGREEMENT
      DATED AS OF SEPTEMBER 21, 2001 BETWEEN THE CORPORATION AND
      CERTAIN HOLDERS OF SHARES OF THE CAPITAL STOCK OF THE
      CORPORATION. A COPY OF THIS AGREEMENT IS ON FILE IN THE OFFICE
      OF THE SECRETARY OF THE CORPORATION AND MAY BE OBTAINED FROM
      THE COMPANY UPON REQUEST. THE AGREEMENT PROVIDES, AMONG OTHER
      THINGS, FOR CERTAIN OBLIGATIONS TO SELL AND TO PURCHASE THE
      SHARES EVIDENCED BY THIS CERTIFICATE, FOR A DESIGNATED
      PURCHASE PRICE. BY ACCEPTING THE SHARES EVIDENCED BY THIS
      CERTIFICATE THE HOLDER AGREES TO BE BOUND BY SAID AGREEMENT."

Omission of such legend shall not, however, vitiate the effect of this Agreement
in any respect as against any person with actual or constructive notice of the
existence of this Agreement.

      8.2 Additional Parties to Agreement. Before any Shares are issued or
transferred of record on the books of the Corporation in the future to any
person or entity whatsoever other than a signatory to this Agreement, such
person or entity shall be required to become a party to this Agreement.

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      8.3 Pledge of Shares. No Stockholder may pledge his, her or its Shares
without the consent of the Board of Directors.

      9.   Drag-Along Rights; Pre-Emptive Rights.

      9.1 Drag-Along Rights. In the event that (i) (a) Maxine Clark ceases to be
President, Chairman or an employee of the Corporation, (b) Clark ceases to own
all of the capital stock of SSI, or (c) SSI ceases to own the Shares it
currently owns, and (ii) all of Walnut, Windsor and Catterton arrange for a bona
fide third-party to purchase or otherwise acquire all of the shares of the
Corporation, then Walnut, Windsor and Catterton shall give written notice to the
Stockholders of the terms of the offer and the Stockholders shall agree to
transfer and hereby agree to transfer all of the Shares in the Corporation
pursuant to the same terms as Walnut, Windsor and Catterton are bound.

      9.2 Pre-Emptive Rights. (a) The Corporation hereby grants to each
Stockholder the right to purchase his, her or its pro rata share of Additional
Shares (as defined below) that the Corporation may, from time to time, propose
to sell and issue. Each Stockholder's pro rata share, for purposes of this
preemptive right, is such Stockholder's pro rata share of Common Stock (which
number shall be determined as if all of the Shares which are convertible into
Common Stock had been so converted as of the date of such determination).

      (b) "Additional Shares" shall mean any shares or other securities of the
Corporation, whether now authorized or not, and rights, options or warrants to
purchase said shares or other securities of the Corporation, and securities of
any type whatsoever that are, or may become, convertible into or exchangeable
for said Shares (or other securities of the Corporation), provided that
"Additional Shares" shall not include (i) up to 2,200,000 shares of Common Stock
or other securities, or rights, options or warrants to purchase said shares of
Common Stock or other securities of the Corporation, securities of any type
whatsoever that are, or may become, convertible into or exchangeable for said
shares of Common Stock sold or granted to employees or advisors of the
Corporation pursuant to an Employee Stock Plan approved by the Board of
Directors of the Corporation, (ii) securities of the Corporation issued and sold
pursuant to a registration statement filed under the Securities Act of 1933, as
amended (the "Securities Act"), (iii) Shares or other securities of the
Corporation, options or warrants to purchase the Shares or other securities of
the Corporation and securities of any type whatsoever that are, or may become,
convertible or exchangeable for said Shares issued in connection with
acquisitions by the Corporation; (iv) the Clark Shares and the Optional Increase
(as defined in the Series D Stock Purchase Agreement between the Corporation and
the Purchasers named therein, dated September 21, 2001 (the "Stock Purchase
Agreement")) or (v) up to $10,000,000 of the Company's Series E Preferred Stock
(as defined in the Stock Purchase Agreement).

      (c) In the event that the Corporation proposes to undertake an issuance of
Additional Shares, the Corporation shall give each Stockholder written notice (a
"Sales Notice") of the Corporation's intention, describing the type of
Additional Shares, the price and the general terms upon which the Corporation
proposes to issue the same. Each Stockholder shall have twenty (20) business
days from the date of receipt of any such Sales Notice (unless a shorter period
is consented to by the President and greater than fifty percent (50%) of the
shares of

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Common Stock (which number shall be determined as if all of the Shares which are
convertible into Common Stock had been so converted as of the date of such
determination)) to agree to purchase his, her or its pro rata share of such
Additional Shares for the price and upon the general terms specified in the
Sales Notice by giving written notice to the Corporation and stating therein the
quantity of Additional Shares to be purchased. In the event that a Stockholder
initially fails to exercise in full his, her or its preemptive rights within
said period, the Corporation shall promptly advise those Stockholders who have
exercised such right who may then purchase the Additional Shares as to which
Stockholders have not exercised such right, pro rata based upon their respective
percentage of the Common Stock of the Corporation as provided in paragraph (a)
of this SECTION 9.2 or as they otherwise may agree among themselves. The process
in the immediately preceding sentence shall continue until all of the Additional
Shares have been purchased or until no Stockholder desires to purchase any
remaining unpurchased Shares. This right of over-allotment must be exercised by
notice to the Corporation within five (5) business days after the Stockholder's
receipt of notice that all Stockholders have not exercised their preemptive
rights in full.

      (d) In the event that the Stockholders collectively fail to exercise in
full the preemptive right as aforesaid, the Corporation shall have 90 days
thereafter to sell (or enter into an agreement pursuant to which the sale of
Additional Shares covered thereby shall be closed, if at all, within thirty (30)
days from the date of said agreement) the Additional Shares respecting which the
Stockholders' rights were not exercised at a price and upon general terms and
conditions materially no more favorable to the purchasers thereof than specified
in the Corporation's Sales Notice. In the event the Corporation has not sold the
Additional Shares within said 90 day period (or sold and issued Additional
Shares in accordance with the foregoing within thirty (30) days from the date of
said agreement), the Corporation shall not thereafter issue or sell any
Additional Shares without first offering such Shares to the Stockholders in the
manner provided in this SECTION 9.2. The failure by any Stockholder to exercise
his, her or its preemptive rights with respect to any Additional Shares on any
occasion shall not affect its right to purchase Additional Shares hereunder on
any subsequent occasion.

      (e) If a Stockholder gives the Corporation notice, in accordance with the
foregoing provisions of this SECTION 9.2, that such Stockholder desires to
purchase any Additional Shares, payment therefor shall be made by check or wire
transfer within ten (10) business days after giving the Corporation such notice,
or at the option of the Corporation, upon the closing date for the sale of such
Additional Shares to other persons as contemplated by SECTION 9.2 above.

      10.  Termination.

      10.1 Events. This Agreement and all restrictions on transfer of Shares
created hereby shall terminate on the occurrence of any of the following events:

           (a) The bankruptcy or dissolution of the Corporation.

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           (b) A single Stockholder becoming the owner of all of the Shares of
the Corporation, which are then subject to this Agreement.

           (c) The execution of a written instrument by the Corporation and the
Stockholders who are party to this Agreement and who collectively own not less
than ninety percent (90%) of the Corporation's Shares of Common Stock (which
number shall be determined as if all of the Shares which are convertible into
Common Stock had been so converted as of the date of such determination), which
terminates the same.

           (d) The closing of a sale of Shares of the Corporation's Common Stock
in a firm-commitment underwritten public offering registered under the
Securities Act in which gross proceeds to the Corporation (prior to
underwriter's discounts and commissions and other expenses) are at least
$25,000,000 and (i) at any time prior to the third anniversary of the date
hereof, the offering is managed by a nationally recognized underwriter, (ii)
between the third and fourth anniversary of the date hereof, the price per share
is at least $15 (appropriately adjusted for stock splits, recapitalizations and
the like) and (iii) thereafter the price per share is at least $20.

      10.2 Effect. The termination of this Agreement for any reason shall not
affect any right or remedy existing hereunder prior to the effective date of its
termination.

      11.   Management of the Corporation.

      11.1 Composition of the Board. The Corporation shall have a Board of
Directors comprised of seven (7) members. With respect to each of the Trust,
Walnut, KCEP and Catterton ("Senior Stockholders") for so long as each holds
fifty percent (50%) or more of such Senior Stockholder's originally acquired
preferred stock of the Corporation ("Senior Preferred Shares") then each such
Senior Stockholder shall designate one member of the Board of Directors;
provided, however, that in the case of the Trust, the Trust may only nominate
Barney A. Ebsworth, his wife or Christianne Ebsworth as such director. In the
event that one or more such Senior Stockholder's ceases to hold 50% of such
Senior Stockholder's Senior Preferred Shares then such Senior Stockholder shall
not designate a successor director at the expiration of such directors term and
such successor director shall be designated by a majority of the then-elected
board of directors. SSI shall designate two directors, one of whom shall be
Maxine Clark. One director's seat shall remain vacant until the date upon which
the Company issues the Series E Preferred Stock or the date upon which the Board
of Directors unanimously agrees to fill such seat, provided that the person
designated to fill such seat shall not be an Affiliate of any of the other
members.

      11.2 Agreement to Vote Shares. Each of the Stockholders shall at all times
exercise their respective voting power to support each of the other Stockholders
in appointing directors to the Board in accordance with this SECTION 11 and
shall cause each of his nominated directors to exercise their respective voting
power to elect the Maxine Clark as the Corporation's Chairman, President, and
Chief Executive Officer so long as Maxine Clark is in compliance with the terms
and conditions of the Employment Agreement with the Corporation. Each
Stockholder hereby agrees at all times during which this Agreement remains in
effect to vote any Pledged

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Shares (as hereinafter defined) held by such Stockholder in the same manner as
the holders of greater than fifty percent (50%) of the Shares on all matters on
which such Stockholder is entitled to vote. For purposes of this Section 11.2
"Pledged Shares" shall mean all shares of Common Stock that are pledged to, or
used as collateral for or secure any loan or other obligation by a Stockholder
to the Corporation.

      11.3 Removal and Vacancy of Directors. In the event any Stockholder wishes
to remove a director who has been elected as such Stockholder's nominee, the
other Stockholders shall vote for such removal. In the event a vacancy in the
office of a director so elected is caused by death, disability, retirement or
removal of a director other than Maxine Clark, the vacancy shall be filled by
appointing or electing the nominee of the Stockholder whose previous nominee is
deceased, retired or removed. In the event of the death or disability of Maxine
Clark, such vacancy shall be filled by a vote of greater than fifty percent
(50%) of the Senior Preferred Shares. In the event any Stockholder wishes to
remove an officer who has been elected as his or her nominee, the other
Stockholders shall cause the directors they have nominated to vote for such
removal. In the event a vacancy in the office of an officer so elected is caused
by death, retirement or removal of such officer other than Maxine Clark, the
vacancy shall be filled by appointing or electing the nominee of the Stockholder
whose previous nominee is deceased, retired or removed.

      11.4 Required Votes. Except as provided in this Agreement or the Bylaws of
the Corporation, all actions by the Board shall be by (i) simple majority of the
Board members present either in person or by telephone at a duly called meeting
at which a quorum is present or (ii) by written unanimous consent.

      11.5 Interested Directors. Persons nominated for the position of director
shall not be deemed disqualified to serve by reason of their being officers,
directors or stockholders of any of the Stockholders or their Affiliates. Except
as otherwise provided herein, no director shall be deemed to have an interest in
a matter and thereby disqualified to vote or serve on the ground that such
director is a nominee of one of the Stockholders if the matter under
consideration involves commercial, financial or other relationships between the
Corporation and any of the Stockholders or their Affiliates.

      11.6 Committees. The Directors designated by Catterton, Walnut and Windsor
shall each have the option to be appointed to any committees of the Board of
Directors, whether now existing or hereinafter created (but consistent with the
fiduciary duties of the members of the Board of Directors). No executive or
other committee consisting of less than all of the members of the Board of
Directors shall be established with the maximum powers of the Board of Directors
permitted under Delaware law to be delegated to a Board committee.

      11.7 Observer Rights. Each Director shall be entitled to have one
representative attend in a nonvoting observer capacity at all meetings of the
Board of Directors; provided, however, that the Corporation shall not be
required to pay the expenses of any such observer incurred with respect to
attending any meeting of the Board of Directors and reserves the right to
exclude such representative from access to any meeting or portion thereof if the
Corporation

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reasonably believes that such exclusion is reasonably necessary to preserve the
attorney-client privilege, to protect highly confidential proprietary
information or for other similar reasons.

      12.   Arbitration.

      Any dispute between the Stockholders as to the interpretation of this
Agreement shall be settled by arbitration in accordance with the following
procedures:

      12.1 The party desiring to arbitrate an issue (the "Commencing Party")
shall send a notice to the other Stockholders (the "Responding Parties")
specifying in reasonable detail the issue to be arbitrated. The parties shall
thereafter agree as to the arbitrator to be used to decide the issue, but if the
parties do not agree on one arbitrator within three weeks of the Commencing
Party's sending such notice, or if the arbitrator selected by the parties is
unable or unwilling to serve as an arbitrator for any reason, the head of the
American Arbitration Association in St. Louis, Missouri shall select a single
arbitrator.

      12.2 Within five business days after selection, the arbitrator shall set a
date for the arbitration proceedings which shall be not later than 30 days
thereafter. The arbitration shall be conducted at such location in the St. Louis
Metropolitan area as may be selected by the arbitrator.

      12.3 The decision entered by the arbitrator shall be final and binding on
all parties to arbitration.

      12.4 Each party shall bear its respective arbitration expenses. The
Commencing Party shall pay fifty percent (50%) of the arbitrator's charges and
expenses and the Responding Parties shall collectively pay fifty percent (50%)
of the arbitrator's charges and expenses, pro rata according to their respective
Share percentages.

      13. Financial Statements and Other Information. The Corporation shall
maintain a system of accounting established and administered in accordance with
sound business practices to permit preparation of financial statements in
conformity with GAAP (it being understood that monthly financial statements are
not required to have footnote disclosures). The Corporation shall deliver to the
Stockholders each of the financial statements and other reports described below:

      13.1 Monthly and Quarterly Financial Information. As soon as available and
in any event within forty-five (45) days after the end of each month, the
Corporation shall deliver (i) the balance sheet of the Corporation, as at the
end of such month and the related statements of income, stockholders' equity and
cash flow for such month and for the period from the beginning of the then
current fiscal year of the Corporation to the end of such month (and, with
respect to financial statements delivered for months that are also the last
month of any fiscal quarter, accompanied by the related consolidated and
consolidating statements of income, stockholders' equity and cash flow for such
fiscal quarter) and (ii) a schedule of the material outstanding Indebtedness for
borrowed money of the Corporation describing in reasonable detail each such debt
issue or loan outstanding and the principal amount and amount of accrued and
unpaid

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interest with respect to each such debt issue or loan. Notwithstanding
the foregoing to the contrary, from and after January 1, 2002, the financial
information required to be delivered pursuant to this paragraph shall be
delivered as soon as available following the end of each fiscal month, but in no
event later than thirty (30) days after the end of such fiscal month.

      13.2 Year-End Financial Information. As soon as available and in any event
within one hundred twenty (120) days after the end of the fiscal year of the
Corporation, the Corporation shall deliver (i) the balance sheets of the
Corporation as at the end of such year and the related statements of income,
stockholders' equity and cash flow for such fiscal year, (ii) a schedule of the
material outstanding Indebtedness for borrowed money of the Corporation
describing in reasonable detail each such debt issue or loan outstanding and the
principal amount and amount of accrued and unpaid interest with respect to each
such debt issue or loan, and (iii) a report with respect to the financial
statements from a "Big Five" firm of certified public accountants selected
by the Corporation, which report shall be issued pursuant to an audit conducted
by such firm of certified public accountants in conformity with generally
accepted accounting standards. The Corporation shall use commercially reasonable
efforts to ensure that such report shall contain an "Unqualified" opinion (as
such term is defined in AU Section 508.10 of the American Institute of Certified
Public Accountants Professional Standards).

      13.3 Accountants' Reports. Promptly upon receipt thereof, the Corporation
shall deliver copies of all significant reports submitted by the Corporation's
firm of certified public accountants in connection with each annual, interim or
special audit or review of any type of the financial statements or related
internal control systems of the Corporation made by such accountants, including
any comment letter submitted by such accountants to management in connection
with their services.

      13.4 Management Reports. The Corporation will deliver within forty-five
(45) days after the end of each fiscal month a management report (i) describing
the operations and financial condition of the Corporation for the month then
ended and the portion of the current fiscal year then elapsed (or for the fiscal
year then ended in the case of year-end financials), (ii) setting forth in
comparative form the corresponding figures for the corresponding periods of the
previous fiscal year and the corresponding figures from the most recent
projections for the current fiscal year and (iii) discussing the reasons for any
significant variations. The information above shall be presented in reasonable
detail and shall be certified by the chief financial officer of the Corporation
to the effect that such information fairly presents the results of operations
and financial condition of the Corporation as at the dates and for the periods
indicated.

      13.5 Projections. No earlier than sixty (60) days prior nor later than
thirty (30) days after the end of each fiscal year beginning with the current
fiscal year, the Corporation shall prepare and deliver to Stockholders
projections of the Corporation for the next succeeding fiscal year, on a month
to month basis and for the following four (4) fiscal years on a quarter to
quarter basis, including a balance sheet as of the end of each relevant period
and income statements and statements of cash flows for each relevant period and
for the period commencing at the beginning of the fiscal year and ending on the
last day of such relevant period.

                                       11
<PAGE>

      13.6 Events of Default, Etc. Promptly upon the Corporation's obtaining
knowledge of any of the following events or conditions, the Corporation shall
deliver copies of all notices given or received by the Corporation with respect
to any such event or condition and a certificate of the Corporation's chief
executive officer specifying the nature and period of existence of such event or
condition and what action the Corporation has taken, is taking and proposes to
take with respect thereto: (i) any condition or event that constitutes a
material breach of any provision of this Agreement; (ii) any notice that any
Person has given to the Corporation, or any other action, taken with respect to
a claimed default in any agreement evidencing indebtedness or any other material
agreement to which the Corporation is a party; or (iii) any event or condition
that could reasonably be expected to result in any Material Adverse Effect on
the Condition of the Corporation.

      13.7 Litigation. Promptly upon the Corporation's obtaining knowledge of
(i) the institution of any action, suit, proceeding, governmental investigation
or arbitration against or affecting the Corporation or any property of the
Corporation not previously disclosed by the Corporation to the Stockholders or
(ii) any material development in any action, suit, proceeding, governmental
investigation or arbitration at any time pending against or affecting the
Corporation or any property of the Corporation which, in each case, is
reasonably possible to have a Material Adverse Effect on the Condition of the
Corporation, the Corporation will promptly give notice thereof to the
Stockholders and provide such other information as may be reasonably available
to them to enable the Stockholders and their counsel to evaluate such matter.

      14. Representations and Warranties. Each Stockholder represents and
warrants to the Corporation and the other Stockholders as follows:

      14.1 The execution, delivery and performance of this Agreement by such
Stockholder will not violate any provision of law, any order of any court or
other agency of government, or any provision of any indenture, agreement or
other instrument to which such Stockholder or any of its or his properties or
assets is bound, or conflict with, result in a breach of or constitute (with due
notice or lapse of time or both) a default under any such indenture, agreement
or other instrument, or result in the creation or imposition of any lien, charge
or encumbrance of any nature whatsoever upon any of the properties or assets of
such Stockholder.

      14.2 This Agreement has been duly executed and delivered by such
Stockholder and constitutes the legal, valid and binding obligation of such
Stockholder, enforceable in accordance with its terms.

      14.3 The Shares set forth in EXHIBIT A opposite the name of such
Stockholder constitute all the shares of the capital stock of the Corporation
owned by such Stockholder or that such Stockholder has acquired or may acquire
pursuant to any stock purchase or other subscription agreements.

      15.   General Provisions.

                                       12

<PAGE>

      15.1 Governing Law. This Agreement shall be construed pursuant to the laws
of the State of Delaware, without regard to principles of conflict of laws.

      15.2 Definitions. Unless the context otherwise requires, the words
"Stockholder" and "Stockholders" shall for all purposes of this Agreement mean
and include (i) all of the individual parties hereto and (ii) all persons to
whom any Shares may hereafter be transferred. "Affiliate" or "Affiliates" shall
mean with respect to any Stockholder, any individual, partnership, limited
partnership, limited liability company, corporation, trust, real estate
investment trust, estate, association and other business or not for profit
entity ("Person") (ii) (a) who directly or indirectly controls, is controlled
by, or is under common control with the Stockholder; (b) who owns or controls
fifty percent (50%) or more of the Stockholder's outstanding voting securities
or equity interests; (c) in whom such Stockholder owns or controls fifty percent
(50%) or more of the outstanding voting securities or equity interests; (d) who
is a director, partner, member, manager, executive officer or trustee of the
Stockholder; (e) in whom the Stockholder is a director, partner, member,
manager, executive officer or trustee; or (f) who has any relationship with the
Stockholder by blood, marriage or adoption, not more remote than first cousin.

      15.3 Remedies for Breach. The Shares are unique chattels and each party to
this Agreement shall have the remedies which are available to him or it for the
violation of any of the terms of this Agreement, including, but not limited to,
the equitable remedies for specific performance and injunctive relief.

      15.4 Notices. All notices provided for by this Agreement shall be made in
writing (i) either by actual delivery or (ii) by the mailing of the notice in
the United States mail to the last known address of the party entitled thereto,
registered or certified mail, return receipt requested, courier service or
personal delivery and shall be deemed to have been duly given or made and to
have become effective when delivered in hand to the party to which directed,
when delivered by courier if delivered by commercial overnight courier service,
or if sent by first-class registered mail, postage prepaid and properly
addressed, at the earlier of (a) the time when received by the addressee or (b)
the fifth business day following the dispatch thereof.

      15.5 Amendment. This Agreement may be amended or altered at any time if
the amendment or alteration is both ratified by the Board of Directors of the
Corporation and consented to in writing by Stockholders who are parties to this
Agreement and who collectively own not less than seventy-five percent (75%) of
the Corporation's Shares.

      15.6 Descriptive Headings. Titles to Sections are for information purposes
only.

      15.7 Binding Effect. This Agreement is binding upon and inures to the
benefit of the Corporation, its successors, assigns, and transferees, and to the
Stockholders and their respective heirs, personal representatives, successors
and permitted assigns and transferees including any successor entity by merger
or consolidation to the Corporation, unless

                                       13
<PAGE>

Stockholders who own not less than two-thirds of the Corporation's Senior
Preferred Shares (as defined in the Certificate of Incorporation) approve the
merger or consolidation.

      15.8 Conflict With Bylaws. If any terms or provisions in this Agreement
conflict with or are inconsistent with the terms of the Bylaws of the
Corporation, then the terms of this Agreement shall control.

                                       14
<PAGE>

                               SIGNATURE PAGES FOR
                   AMENDED AND RESTATED STOCKHOLDERS AGREEMENT

      IN WITNESS WHEREOF, the Corporation and the Stockholders have executed
this Agreement on the day and year above written.

      THIS AGREEMENT CONTAINS A BINDING ARBITRATION PROVISION WHICH MAY BE
ENFORCED BY THE PARTIES.

                                  BUILD-A-BEAR WORKSHOP, INC.

                                  By  /s/ Maxine Clark
                                    -----------------------------
                                    Maxine Clark, President

                                  STOCKHOLDERS:

                                  SMART STUFF, INC.,
                                  a Missouri corporation

                                   /s/ Maxine Clark
                                  -------------------------------
                                  By:  Maxine Clark

                                  CLARK/FOX, L.L.C.
                                  a Missouri limited liability company

                                   /s/ Maxine Clark
                                  -------------------------------
                                  By:  Maxine Clark, its Manager

                                  CLARK/FOX II, L.L.C.
                                  a Missouri limited liability company

                                   /s/ Maxine Clark
                                  -------------------------------
                                  By:  Maxine Clark, its Manager

                                   /s/ Maxine Clark
                                  -------------------------------
                                  Maxine Clark

<PAGE>

                                  Barney A. Ebsworth Revocable Trust dated
                                  July 23, 1986

                                  Barney A. Ebsworth Rev. Tr.
                                  -----------------------------------
                                  By:  /s/ Barney A. Ebsworth
                                     --------------------------------

                                    /s/ Wayne L. Smith, II
                                  ---------------------------
                                  Wayne L. Smith, II

                                     /s/ Brian Vent
                                   Brian Vent

                                  HYCEL PARTNERS V, L.L.C.,
                                  a Missouri limited liability company

                                       /s/ Mark H. Zorensky
                                  -------------------------------
                                  By:  Mark H. Zorensky, Manager
                                       ----------------------------

                                  WALNUT CAPITAL PARTNERS, L.P.,
                                  a Delaware limited partnership

                                  By:  Walnut Capital Management Group, LLC,
                                       its general partner

                                  By:  /s/ James M. Gould
                                       -----------------------
                                       Manager

                                  WALNUT INVESTMENT PARTNERS, L.P.,
                                  a Delaware limited partnership

                                  By: Walnut Investments Holding Company, LLC,
                                      its general partner

                                  By:  /s/ James M. Gould
                                      ------------------------
                                       Manager

                                       2
<PAGE>

                                  KCEP VENTURES II, L.P.,
                                  a Missouri limited partnership

                                  By: KCEP II, L.C., its general partner

                                  By:    /s/ William Reisler
                                       ----------------------------------
                                       William Reisler, its Managing Director

                                  CATTERTON PARTNERS IV, L.P.,
                                  a Delaware limited partnership

                                  By:    Catterton Managing
                                  Partner IV, L.L.C.
                                  Its:   General Partner

                                  By:    CP4 Principals, L.L.C.
                                  Its:   Managing Member

                                  By:       /s/ Frank M. Vest, Jr.
                                         ----------------------------------
                                  Name:   Frank M. Vest, Jr.
                                  Title:  Authorized Person

                                  CATTERTON PARTNERS IV-A, L.P.,
                                  a Delaware limited partnership

                                  By:    Catterton Managing
                                  Partner IV, L.L.C.
                                  Its:    General Partner

                                  By:    CP4 Principals, L.L.C.
                                  Its:   Managing Member

                                  By:       /s/ Frank M. Vest, Jr.
                                         ----------------------------------
                                  Name:    Frank M. Vest, Jr.
                                  Title:   Authorized Person

                                       3
<PAGE>

                                  CATTERTON PARTNERS IV-B, L.P.,
                                  a Delaware limited partnership
                                  By:    Catterton Managing
                                  Partner IV, L.L.C.
                                  Its:    General Partner

                                  By:    CP4 Principals, L.L.C.
                                  Its:   Managing Member

                                  By:       /s/ Frank M. Vest, Jr.
                                         ----------------------------------
                                  Name:    Frank M. Vest, Jr.
                                  Title:   Authorized Person

                                  CATTERTON PARTNERS IV OFFSHORE, LP.
                                  a Cayman limited partnership

                                  By:    Catterton Managing
                                  Partner IV, L.L.C.
                                  Its:   Managing General Partner

                                  By:    CP4 Principals, L.L.C.
                                  Its:   Managing Member

                                  By:       /s/ Frank M. Vest, Jr.
                                         ----------------------------------
                                  Name:    Frank M. Vest, Jr.
                                  Title:   Authorized Person

                                  CATTERTON PARTNERS IV SPECIAL PURPOSE, L.P.
                                  a Cayman limited partnership

                                  By:    Catterton Managing Partner IV, L.L.C.
                                  Its:   Managing General Partner

                                  By:    CP4 Principals, L.L.C.
                                  Its:   Managing Member

                                  By:       /s/ Frank M. Vest, Jr.
                                         ----------------------------------
                                  Name:    Frank M. Vest, Jr.
                                  Title:   Authorized Person

                                       4
<PAGE>

                                  The following persons are executing this
                                  document solely with respect to the Sections 1
                                  through 12, 14 and 15 of this Agreement:

                                    /s/ Adrienne Weiss
                                  ------------------------------
                                  Adrienne Weiss

                                   /s/ Christianne Ebsworth
                                  ------------------------------
                                  Christianne Ebsworth

                                   /s/ Thomas Holley
                                  ------------------------------
                                  Thomas Holley

                                       5
<PAGE>

                                                                      SCHEDULE 1

                                  STOCKHOLDERS

       Smart Stuff, Inc., a Missouri corporation ("SSI");
       Barney A. Ebsworth Revocable Trust dated July 23, 1986 (the "Trust")
       Maxine Clark ("Clark");
       Wayne L. Smith, II ("Smith");
       Brian Vent ("Vent");
       Hycel Partners V, L.L.C., a Missouri limited liability company ("Hycel");
       Walnut Capital Partners, L.P., a Delaware limited partnership and Walnut
       Investment Partners, L.P., a Delaware limited partnership
       (collectively, "Walnut");
       KCEP Ventures II, L.P., a Missouri limited partnership ("KCEP");
       Adrienne Weiss ("Weiss");
       Christianne Ebsworth;
       Thomas Holley;
       Clark/Fox, L.L.C., and Clark/Fox II, L.L.C., each a Missouri limited
       liability company (collectively, "Clark/Fox"); and
       Catterton Partners IV, L.P., Catterton Partners IV-A, L.P., and Catterton
       Partners IV-B, L.P., each a Delaware limited partnership, Catterton
       Partners IV Offshore, L.P. a Cayman Island limited partnership and
       Catterton Partners IV Special Purpose, L.P. a Cayman Island limited
       partnership (collectively, "Catterton").

<PAGE>

                                                                       EXHIBIT A

                        SHARES OWNED BY THE STOCKHOLDERS
<TABLE>
<CAPTION>

                        STOCKHOLDER                CLASS             SHARES OWNED
----------------------------------------------- ------------- ---------------------------
<S>                                             <C>           <C>
SSI                                             C                              3,418,306

Trust                                           C                                911,383

                                                A                              1,264,278

                                                B                                190,963

                                                Common                            84,791

Clark                                           Common                           274,815

Smith                                           C                                 64,500

                                                A                                  3,230

                                                B                                  4,881

                                                D                                 18,409

Vent                                            C                                 64,500

                                                A                                  3,230

                                                B                                  4,881

                                                D                                 18,409

                                                Common                            20,491

Hycel                                           A                                160,782

                                                B                                306,783

                                                D                                131,148

                                                Common                            23,572

Walnut Capital Partners, L.P.                   A                             913,199.85

                                                B                            1,380,418.4

                                                Common                          93,863.8

Walnut Investment Partners, L.P.                D                                677,869

KCEP                                            A                                231,708

                                                B                                350,115

                                                D                                426,230

                                                Common                            10,352
</TABLE>
                                       2
<PAGE>
<TABLE>
<CAPTION>
<S>                                             <C>           <C>

                                                C                                 65,276

Weiss                                           A                                  3,269

                                                B                                  4,940

                                                D                                 18,631

Christianne Ebsworth                            C                                474,124

Thomas Holley                                   Common                           4,940.2

                                                A                              48,063.15

                                                B                               72,653.6

Clark/Fox, L.L.C.                               A                                171,200

                                                B                                258,686

                                                D                                 65,574

Clark/Fox II, L.L.C.                            D                                147,541

Catterton                                       A                                707,992

                                                B                              1,069,786

                                                D                              1,305,738

</TABLE>

                                        3
<PAGE>

                                                                       EXHIBIT B

                       DETERMINATION OF THE PURCHASE PRICE

      1. The price of Shares to be purchased under this Agreement shall be their
Fair Market Value as of the end of the Corporation's fiscal quarter immediately
preceding the event giving rise to the purchase and sale.

      2. The term "Fair Market Value" as used in paragraph 1 of this EXHIBIT B
shall be an amount which bears the same proportion to the amount of the Net
Worth of the Corporation as the number of Shares to be purchased bears to the
total number of the Corporation's Shares outstanding.

      3. The Net Worth of the Corporation shall be the price at which the
Corporation would be sold to a willing buyer by willing seller. The Net Worth of
the Corporation shall be determined by agreement of the Board of Directors of
the Corporation (with the transferring Stockholder not participating) and the
transferring Stockholder. If the Corporation and the transferring Stockholder
are unable to agree as to the Net Worth of the Corporation, then the Net Worth
of the Corporation shall be determined by one or more qualified business
appraisers selected in the following manner:

                   a.        The Corporation and the transferring
                   Stockholder shall attempt jointly to select an
                   appraiser within 30 days after the event giving rise
                   to the purchase and sale. If an appraiser is so
                   selected in a timely manner, the appraisal shall be
                   binding on all parties.

                   b.        If the Corporation and the transferring
                   Stockholder are unable jointly to select an appraiser
                   in a timely manner, the Corporation shall select an
                   appraiser within 40 days of the event giving rise to
                   the purchase and sale and shall notify the
                   transferring Stockholder of its selection within one
                   business day thereafter. The Corporation shall pay
                   the costs of such appraisal and shall provide the
                   transferring Stockholder with a copy of such
                   appraisal within one business day after receipt of
                   the appraisal by the Corporation. Unless the
                   transferring Stockholder submits to the Corporation
                   not later than 5 business days thereafter written
                   notice that the transferring Stockholder objects to
                   the appraisal, such appraisal shall be binding on all
                   the parties.

                   c.        If the transferring Stockholder delivers
                   to the Corporation timely written notice of objection
                   to the Corporation's appraisal as above provided, the
                   transferring Stockholder shall select an appraiser
                   within 5 business days after the date of the
                   Stockholder's written objection, and shall notify the
                   Corporation of such selection within one business day

<PAGE>

                   thereafter. The Transferring Stockholder shall pay
                   the costs of such appraisal obtained by the
                   transferring Stockholder. The transferring
                   Stockholder shall provide the Corporation with a copy
                   of such appraisal within one business day after
                   receipt of the appraisal by the transferring
                   Stockholder. If the transferring Stockholder declines
                   or fails to make a timely selection of an appraiser,
                   then the single appraisal obtained by the Corporation
                   as above provided shall be binding on all parties.

                   d.        If the two appraisals differ in value by
                   less than 15%, the average of the two appraisals
                   shall be binding on all parties.

                   e.        If the two appraisals differ in value by
                   more than 15%, the appraisers who made the two
                   appraisals shall select a third appraiser, and shall
                   notify the transferring Stockholder and the
                   Corporation of such selection within one business day
                   thereafter. The cost of the third appraisal shall be
                   split evenly between the Transferring Stockholder and
                   the Corporation. The third appraiser shall select one
                   of the two previously prepared appraisals, and such
                   selection shall be binding on all parties.

                                       2
<PAGE>
                                                                       EXHIBIT C

                                 PROMISSORY NOTE

$ ______________                                          ______________, ______

      For value received, the undersigned promises to pay to __________ or order
the sum of $____ at________, with interest at ________ percent (__%) per annum,
in installments payable as follows: Monthly payments in the sum of $_______,
the first payment to be made on the _____ day of ___________________, _____ and
a like amount on the ____ day of each succeeding month thereafter with the final
payment on the then outstanding principal balance to be made on the _____ day
___________________,____.

      This Note and all installments are to bear interest after maturity thereof
at the rate of ______ percent (__%) per annum. The interest on each installment,
and the interest on the unpaid balance of the principal sum are to be paid at
the maturity of each installment.

      If default is made in the payment of any installment whether interest or
principal, when due, then all the remaining installments shall, at the option of
the holder, become due and payable at once. In addition, in the event of a sale
of assets by the Maker, other than in the ordinary course of business, or as
trade-ins or other sale or exchange for the purpose of replacing any such
assets, or the sale of Shares by the current stockholders to a new stockholder,
or the issuance of new stock by the Maker to someone other than the current
stockholders, the Holder may, at the Holder's option, declare this Note
immediately due and payable to the extent of the proceeds received by the Maker
upon such sale.

      In case suit shall be brought on this Note, the Maker agrees to pay the
Holder's reasonable attorney's fees and Court costs. All signers, endorsers,
guarantors and parties to this instrument hereby waive demand, protest and
notice of nonpayment and agree to all extensions and partial payments before or
after maturity.

                  By:
                     --------------------------------
                                          , President
                       -------------------
ATTEST:

--------------------------------
                     , Secretary
---------------------

<PAGE>

                                                                       EXHIBIT D

                           COLLATERAL PLEDGE AGREEMENT

      In consideration of, and as collateral security for the payment of, the
liabilities of ___________________ (the "Pledgor"), to ___________________ (the
"Pledgee") evidenced by or arising in connection with (1) a certain
Stockholders' Agreement entered into between Pledgor and Pledgee on April 3,
2000, and (2) a certain Promissory Note of even date herewith executed by the
Pledgor and payable to Pledgee' and all renewals and extensions of such
liabilities (herein collectively called the "Liabilities"), Pledgor hereby
assigns, pledges and delivers to Pledgee ____________ shares of the
________________ stock of Build-A-Bear Workshop, Inc. and grants Pledgee a
continuing security interest in said shares, together with all proceeds thereof,
substitutions therefor and rights associated therewith (referred to collectively
herein as the "Collateral"), all of which the Pledgor owns free of liens or
claims of any kind and has the right to pledge to Pledgee.

      Pledgor hereby agrees that the Collateral shall constitute security for
any and all of the Liabilities. Pledgor authorizes Pledgee to cause any
Collateral to be transferred, in such manner and at such time(s) as Pledgee may
determine, into the names of Pledgee or Pledgee's nominees and this instrument
shall constitute Pledgee's authority to make such transfer(s).

      Pledgor agrees that:

      (1) Pledgor will execute, endorse and deliver all documents which Pledgee
may reasonably require to secure Pledgee's interests under this Collateral
Pledge Agreement.

      (2) Pledgor shall have no right to call, exchange, convert or otherwise
change or alter the form of the Collateral without the consent of Pledgee so
long as any portion of the Liabilities remain unpaid. Any dividend, increase or
distribution paid in cash out of the earnings of the issuer of any stock
constituting a part of the Collateral shall be released to Pledgor by Pledgee
unless such Collateral is transferred into the name of Pledgee or Pledgee's
nominee, and Pledgor shall retain all voting rights with respect to such
Collateral, except in the case of a default as defined herein. Any instruments,
securities, rights or the like which an owner of the Collateral has the right to
receive by way of stock split-up, stock dividend, warrants or other increase in
the Collateral (except dividends as set forth above) will be delivered to
Pledgee and Pledgee may, without notice or demand, take such action as is
necessary to assure Pledgor's direct receipt thereof.

      (3) The following events shall severally be considered events of default:
(a) material misrepresentation of any fact or warranty stated or made to Pledgee
by Pledgor, (b) failure by Pledgor to perform any term or provision of this or
any other agreement with Pledgee, (c) default in the payment of any sum due on
any of the Liabilities, (d) Pledgor's insolvency, adjudication of bankruptcy,
making an assignment for the benefit of creditors or

<PAGE>

suffering appointment of a receiver or seeking relief under any debtor's relief
law, (e) seizure of the Collateral by lawful execution or the sale or
encumbrance thereof (except as provided herein), failure to pay any tax thereon
when due (except any tax contested in good faith) or default on any debt or
security instrument constituting part of the Collateral , (f) material default
under the Stockholder's Agreement. Upon any such event of default all of the
Liabilities shall, at the option of Pledgee, become immediately due and payable
and Pledgee may without notice or demand (i) offset any obligations of Pledgee
to Pledgor against any of the Liabilities and (ii) forthwith realize upon the
Collateral or any part thereof and receive the proceeds therefrom, and may also,
without demand, advertisement or notice, sell at public or private sale, or at
any exchange or broker's board, at such prices and upon such terms and
conditions as Pledgee may deem best, either for cash or on credit, or for future
delivery, any part or all of such Collateral. Pledgee shall have the right at
any such sale, public or private, to purchase the whole or any part of such
Collateral so sold, provided that any excess of such Collateral or proceeds
thereof over the amount of the Liabilities shall be returned to the Pledgor.

      (4) In addition, Pledgee shall have all rights of a secured party under
the Missouri Uniform Commercial Code and shall first be entitled to apply the
proceeds of collection, disposition or other realization on the Collateral to
reasonable attorneys' fees and legal expenses incurred by Pledgee in the
collection of any Liabilities, and thereafter as required by law.

      (5) If notice of default or of intended disposition is required by law,
then such notice, if mailed, shall be deemed reasonably and properly given if
mailed by or on behalf of Pledgee to the principal business address of Pledgor
at least ten (10) days before the time of such disposition. If in the opinion of
Pledgee any Collateral cannot be disposed of in a commercially reasonable manner
without registration under applicable securities laws, Pledgor will take or
cause to be taken such action as is necessary to effect proper registration, and
if Pledgor shall refuse to take such action, Pledgee, at his or her sole
election, but without any obligation to do so, may take such action as he or she
deems warranted to effect or attempt to effect compliance with any applicable
law and any cost incurred by Pledgee in connection therewith or in enforcing
Pledgor's agreement will be considered a cost incurred in disposition of the
Collateral.

      (6) Pledgee's rights hereunder shall continue unimpaired notwithstanding
foreclosure or other disposition of any part of the Collateral, the availability
of additional Collateral, any release of or substitution for any of the
Collateral, any act or omission impairing Pledgee's lien on the Collateral or
the lien of any underlying security constituting part of the Collateral,
including failure to perfect the same, any extension (including extension of
time for payment), renewal, substitution, alteration, compromise, settlement,
surrender or other such agreement or action transferring, modifying or varying
the terms of or otherwise affecting any of the Liabilities or any part of the
Collateral, including any act or omission releasing any party primarily or
secondarily liable on the Collateral or on any of the Liabilities. No failure by
Pledgee to exercise or delay in exercising any of his or her rights hereunder
shall constitute a waiver thereof by Pledgee and no single or partial exercise
of any right shall preclude the further exercise thereof or the exercise of any
other right from time to time. All rights granted to Pledgee hereunder are
cumulative and not in substitution of any other rights at law or equity with

                                       2
<PAGE>

respect to the Collateral or the collection of the Liabilities. Pledgor hereby
waives notice of any and all actions, forbearance's and omissions of any rights
contemplated by this section and consents to be bound thereby as effectively as
if Pledgor had agreed thereto in advance.

      (7) Pledgee may assign or negotiate and deliver any of the Collateral to
any transferee of any of the Liabilities and Pledgee shall thereafter be
relieved of any responsibility for the Collateral so transferred and all rights
of Pledgee hereunder shall inure to his or her transferees.

      (8) This Agreement shall be governed by Missouri law and the rights and
obligations hereunder shall inure to the benefit of and be binding upon the
parties hereto and their respective heirs, assigns, legatees, transferees and
legal representatives.

                     ---------------------------------------------
                                        Pledgor

                                       3<PAGE>

                                                                     EXHIBIT 4.5

               AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

         THIS AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (the
"Agreement"), dated as of 21st day of September, 2001, among BUILD-A-BEAR
WORKSHOP, INC., a Delaware corporation (the "Company"), SMART STUFF, INC., a
Missouri corporation ("SSI"), MAXINE CLARK ("Clark"), CHRISTIANE EBSWORTH,
BARNEY A. EBSWORTH REVOCABLE TRUST DATED JULY 23, 1986 ("Trust"), WAYNE L.
SMITH, II ("Smith"), BRIAN VENT ("Vent"), THOMAS HOLLEY ("Holley"), HYCEL
PARTNERS V, L.L.C., a Missouri limited liability company ("Hycel"), WALNUT
CAPITAL PARTNERS, L.P., a Delaware limited partnership ("WCP"), WALNUT
INVESTMENT PARTNERS, L.P., a Delaware limited partnership ("WIP"), KCEP VENTURES
II, L.P., a Missouri limited partnership ("KCEP"), ADRIENNE WEISS ("Weiss"),
CATTERTON PARTNERS IV, L.P., CATTERTON PARTNERS IV-A, L.P. and CATTERTON
PARTNERS IV-B, L.P., each a Delaware limited partnership, CATTERTON PARTNERS IV
OFFSHORE, L.P., a Cayman Island limited partnership and CATTERTON PARTNERS IV
SPECIAL PURPOSE, L.P., a Cayman Island limited partnership (collectively,
"Catterton"), CLARK/FOX, L.L.C., a Missouri limited liability company
("Clark/Fox"), and CLARK/FOX II, L.L.C., a Missouri limited liability company
("Clark/Fox II") (SSI, Clark, Christiane Ebsworth, Trust, Smith, Vent, Holley,
Hycel, WCP, WIP, KCEP, Weiss, Catterton, Clark/Fox and Clark/Fox II
collectively, "Holders").

         1. Background. Certain of the parties originally entered into that
certain Registration Rights Agreement dated April 3, 2000 (the "Original
Agreement"). Due to an additional issuance of preferred stock, the parties now
desire to amend and restate the Original Agreement and the Original Agreement
shall be deemed superseded in its entirety upon execution of this Agreement by
the requisite number of Holders required to amend the Original Agreement. It is
contemplated that the Company may effect an initial public offering of
securities (the "Initial Public Offering") and the parties to this Agreement
desire to define the respective rights and obligations of the Holders and the
Company with respect to the registration, upon and after the Initial Public
Offering, of Registrable Securities of the Company held by the Holders.

         2.   Registration under Securities Act, etc.

                  2.1   Registration of Registrable Securities on Demand.

                        (a) Priority Demand. At any time subsequent to the date
that is eighteen (18) months after the date of this Agreement, but subject to
Section 2.3, a Series D Holder or Series D Holders of at least a majority of the
originally issued Series D Registrable Securities in the Company shall have the
right to demand in writing that the Company use its reasonable best efforts to
effect an underwritten registration under the Securities Act of 1933, as amended
(the "Securities Act"), of at least two-thirds (2/3) of the shares of common
stock issuable upon conversion of Series D Registrable Securities originally
issued to such Series D Holders; provided, however, that the only securities
which the Company shall be required to register pursuant hereto shall be shares
of common stock of the Company; provided further, that

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if the requested registration is the Company's Initial Public Offering, the
reasonably anticipated aggregate price to the public would equal at least $25
million (otherwise, such aggregate price to the public shall be $2,000,000); and
provided, further, notwithstanding anything to the contrary contained herein,
that if, at any time after giving written notice of their intention to register
such securities and prior to filing the registration statement in connection
with such registration, the Company may elect to delay the filing of such
registration, in the reasonable judgment of the Board of Directors, for a period
of up to ninety (90) days upon giving written notice of such determination to
each Series D Holder. In no event shall the Company be obligated to effect more
than one (1) registration under this Section 2.1(a).

                        (b) Demand. At any time subsequent to the date that is
six (6) months after the date the Company's Initial Public Offering is
consummated, but subject to Section 2.3, a Holder or Holders that own
Registrable Securities equal to or greater than ten percent (10%) of the
outstanding Registrable Securities in the Company shall have the right to demand
in writing that the Company effect an underwritten registration under the
Securities Act, of all or part of such Holders' Registrable Securities;
provided, however, that the only securities which the Company shall be required
to register pursuant hereto shall be shares of common stock of the Company;
provided further, that the reasonably anticipated aggregate price to the public
would equal at least $2 million. In no event shall the Company be obligated to
effect more than two (2) registrations under this Section 2.1(b), other than
registrations on Form S-3 (as defined herein).

                        (c) Effecting the Registration. The Company will
promptly give written notice of any registration requested under Sections 2.1(a)
and 2.1(b) to all other Series D Holders in the case of registration requests
under Section 2.1(a) or all other Holders in all other cases, which Holders
shall be entitled to include, with respect to Section 2.1(a) their Series D
Registrable Securities and with respect to Section 2.1(b) their Registrable
Securities, in such registration subject to Sections 2.1(d) and 2.1(i).
Thereupon the Company will use its best efforts to effect the registration under
the Securities Act of:

                            (i) the Series D Registrable Securities or the
                   Registrable Securities which the Company has been so
                   requested to register by the Holders making the registration
                   demand under Sections 2.1(a) or 2.1(b), as applicable; and

                            (ii) subject to Sections 2.1(d) and 2.1(i), all
                   other Series D Registrable Securities or Registrable
                   Securities, as applicable, which the Company has been
                   requested to register by the Holders thereof by written
                   request given to the Company within twenty (20) days after
                   the giving of such written notice by the Company (which
                   request shall specify the intended method of disposition of
                   such Series D Registrable Securities or Registrable
                   Securities, as applicable) all to the extent requisite to
                   permit the disposition of the Series D Registrable Securities
                   or the Registrable Securities, as applicable, so to be
                   registered.

The Company shall be entitled to include in any registration statement referred
to in this Section 2.1, for sale in accordance with the method of disposition
specified by the requesting Holders, shares of common stock of the Company to be
sold by the Company for its own

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<PAGE>

account, except as and to the extent that, in the opinion of the managing
underwriter, such inclusion would adversely affect the marketing or pricing of
the Registrable Securities to be sold.

                        (d) Registration of Other Securities. Whenever the
Company shall effect a registration pursuant to this Section 2.1, Series D
Registrable Securities held by Series D Holders other than the Holder or Holders
that make the registration demand under Section 2.1(a) and Registrable
Securities held by Holders other than the Holder or Holders that make the
registration demand under Section 2.1(b), shall, upon the request of such
Holders, be included in the registration unless the managing underwriter of such
offering shall have advised each Series D Holder of Series D Registrable
Securities and each Holder of Registrable Securities, as applicable, to be
covered by such registration in writing that the inclusion of such other Series
D Registrable Securities or Registrable Securities, as applicable, would, in the
opinion of the underwriter, materially adversely affect the marketing or the
selling price of the Series D Registrable Securities or Registrable Securities,
as applicable, to be covered by such registration. In such event, the Series D
Registrable Securities or Registrable Securities, as applicable, to be included
in the registration shall be allocated pro rata among the Holders demanding or
requesting registration, all as set forth in Section 2.1(i). The Company will
not grant to any person at any time on or after the date hereof the right to be
included among the securities registered pursuant to this Section 2.1 that is
inconsistent with the provisions of this Section 2.1(d).

                        (e) Registration Statement Form. Registrations under
this Section 2.1 shall be on such appropriate registration form or prospectus of
the Commission (i) as shall be reasonably selected by the Company provided,
however, that the Company shall be entitled to use Form S-3 promulgated under
the Securities Act or any successor form thereto ("Form S-3") if eligible to do
so, and (ii) as shall permit the disposition of such Series D Registrable
Securities or Registrable Securities, as applicable, in accordance with the
intended method or methods of disposition specified in their demand for such
registration.

                        (f) Expenses. The Company will pay all Registration
Expenses for all Holders participating in a registration in connection with the
registration demands made pursuant to this Section 2.1 other than with respect
to registrations on Form S-3, in which case the Holders shall pay their own
expenses.

                        (g) Effective Registration Statement. A registration
demanded pursuant to this Section 2.1 shall not be deemed to have been effected
and shall not count as a demand registration pursuant to Section 2.1(a) or
Section 2.1(b), as applicable, hereof (i) unless a registration statement with
respect thereto has become effective, (ii) if a registration statement has been
filed with the Commission and prior to its becoming effective a majority of,
with respect to Section 2.1(a) the Series D Holders of the Series D Registrable
Securities or with respect to Section 2.1(b) the Holders of the Registrable
Securities, as applicable, that have demanded registration has decided to
terminate the registration process and has agreed in writing to reimburse the
Company for all reasonable Registration Expenses, (iii) if after it has become
effective, such registration is subject to any stop order, injunction or other
order or requirement of the Commission or other governmental agency or court or
is withdrawn, suspended or

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<PAGE>

terminated by the Company, for any reason not the fault of a Holder of Series D
Registrable Securities or Registrable Securities, as applicable, and the Series
D Registrable Securities or Registrable Securities, as applicable, covered
thereby have not been sold, or (iv) if the conditions to closing specified in
the selling agreement or underwriting agreement entered into in connection with
such registration are not satisfied or waived by the parties thereto other than
a Holder of Series D Registrable Securities or Registrable Securities, as
applicable.

                        (h) Underwriters. Any registration effected pursuant to
Section 2.1(a) shall, at the election of the Company or the Holders requesting
such registration, be an underwritten public offering on a firm commitment basis
and, in such case, the Holders requesting such registration shall have the right
to select a nationally recognized managing underwriter or underwriters, subject
to the approval of the Company, which approval shall not be unreasonably
withheld. Any registration effected pursuant to Section 2.1(b) shall, at the
election of the Holders of at least fifty percent (50%) (by number of shares or
other equity interests) of the Registrable Securities held by the Holders making
the registration demand under Section 2.1(b), be an underwritten public offering
on a firm commitment basis or a best efforts basis. The managing underwriter or
underwriters thereof shall be selected by the Company and such managing
underwriting or underwriters, as well as the price, terms and provisions of the
offering, shall be subject to the approval of the Company and the Holders of
more than fifty percent (50%) (by number of shares) of the Registrable
Securities held by the Holders making the registration demand under Section
2.1(b).

                        (i) Apportionment in Registrations Requested. If, in
connection with a registration demanded pursuant to this Section 2.1, the
managing underwriter shall advise the Company in writing that, in its opinion,
the number of securities requested to be included in such registration would be
likely to have an adverse effect on marketing the offering, the Company will
include in such registration prior to including any other shares in such
registration, to the extent of the number which the Company is so advised can be
sold in such offering, Series D Registrable Securities or Registrable
Securities, as applicable, requested to be included in such registration pro
rata among the Holders thereof requesting such registration on the basis of the
percentage of the Series D Registrable Securities or Registrable Securities, as
applicable, sought to be registered held by such Holders of Series D Registrable
Securities or Registrable Securities, as applicable, which have requested that
such Series D Registrable Securities or Registrable Securities, as applicable,
be included.

                  2.2   "Piggyback" Registrations.

                        (a) Right to Include Registrable Securities. If the
Company at any time subsequent to its Initial Public Offering proposes to
register any of its common stock under the Securities Act (other than by a
registration on Form S-4 or Form S-8 or any other form not available for
registering restricted stock for sale to the public), whether or not for sale
for its own account, it will each such time give prompt written notice to all
Holders of Registrable Securities of its intention to do so and of such Holders'
rights under this Section 2.2. Upon the written request of any such Holder made
within ten (10) days after the date of any such notice given in accordance with
Section 7 hereof, the Company will use its best efforts to effect the
registration

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<PAGE>

under the Securities Act of all Registrable Securities which the Company has
been so requested to register by the Holders thereof, to the extent requisite to
permit the disposition of the Registrable Securities so to be registered,
provided, that if, at any time after giving written notice of its intention to
register any securities and prior to the effective date of the registration
statement filed in connection with such registration, the Company shall
determine for any reason not to effect or to delay such registration, the
Company may, at its election, give written notice of such determination to each
Holder of Registrable Securities and, thereupon, (i) in the case of a
determination not to register, shall be relieved of its obligation to register
any Registrable Securities in connection with such registration, without
prejudice, however to the rights of any Holder or Holders of Registrable
Securities entitled to do so to request that such registration be effected as a
demand registration under Section 2.1, and (ii) in the case of a determination
to delay registering, shall be permitted to delay registering any Registrable
Securities for the same period as the delay in registering such other
securities. No registration effected under this Section 2.2 shall relieve the
Company of its obligation to effect any demand registration under Section 2.1.
Each participating Holder will pay all Registration Expenses allocable or
otherwise applicable to such Holder in connection with each registration of
Registrable Securities requested pursuant to this Section 2.2.

                        (b) Apportionment in "Piggyback" Registrations. If (i) a
registration to this 2.2 involves an underwritten offering of the securities
being registered, whether or not for sale for the account of the Company, to be
distributed (on a firm commitment basis) by or through one or more underwriters
of recognized national or regional standing under underwriting terms appropriate
for such a transaction, and (ii) the managing underwriters of such underwritten
offering shall inform the Company in writing that in its opinion, that the
number of securities requested to be included in such registration would be
likely to have an adverse effect on marketing the offering, then the Company may
include all securities proposed by the Company to be sold for its own account or
the maximum amount that the underwriters considers saleable and such limitation
on any remaining securities that may, in the opinion of the underwriter, be sold
will be imposed pro rata among Holders of Registrable Securities on the basis of
the percentage of the securities sought to be registered, provided, however,
that no holders of securities other than Holders of Registrable Securities shall
be entitled to include their securities in such registration if such limitation
is imposed on Holders of Registrable Securities.

                        (c) Notwithstanding anything to the contrary contained
in this Section 2.2, if, in the event of a firm commitment underwritten public
offering of the Company's common stock a Holder of Registrable Securities does
not elect, or is not allowed (at the discretion of the underwriters thereof), to
sell his Registrable Securities in connection with such offering, such Holder
shall refrain from selling such Registrable Securities during the period of
distribution of the common stock of the Company by such underwriters.

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<PAGE>

         2.3 Registration Procedures. If and whenever the Company is required to
use its best efforts to effect the registration of any Registrable Securities
and under the Securities Act as provided in Sections 2.1 and 2.2, the Company
will as expeditiously as possible:

                    (i) prepare and (as soon thereafter as possible or in any
         event no later than forty-five (45) days after the end of the period
         within which requests for a registration may be given to the Company)
         file with the Commission a registration statement (which, in the case
         of an underwritten public offering, shall be on Form S-1, Form S-3 or
         other form of general applicability satisfactory to the managing
         underwriter) to effect such registration and thereafter use its best
         efforts to cause such registration statement to become effective,
         provided that the Company may discontinue and/or delay any registration
         of the securities which are not Registrable Securities (and, under the
         circumstances specified in Section 2.2(a), its securities which are
         Registrable Securities) at any time prior to the effective date of the
         registration statement relating thereto;

                    (ii) prepare and file with the Commission such amendments
         and supplements to such registration statement and the prospectus used
         in connection therewith as may be necessary to keep such registration
         statement effective and to comply with the provisions of the Securities
         Act with respect to the disposition of all securities covered by such
         registration statement until such time as all of such securities have
         been disposed of in accordance with the intended methods of disposition
         by the Holder or Holders thereof set forth in such registration
         statement or for one hundred eighty (180) days, whichever period is
         shorter;

                    (iii) furnish to each Holder of Registrable Securities
         covered by such registration statement such number of conformed copies
         of such registration statement and of each such amendment and
         supplement thereto, such number of copies of the prospectus contained
         in such registration statement (including each preliminary prospectus
         and any summary prospectus) and any other prospectus filed under Rule
         424 or Rule 430A under the Securities Act, in conformity with the
         requirements of the Securities Act, and such other documents, as such
         Holder may reasonably request;

                    (iv) use its best efforts to register or qualify all
         Registrable Securities and other securities covered by such
         registration statement under such other securities or blue sky laws of
         such jurisdictions as each Holder thereof shall reasonably request, to
         keep such registration or qualification in effect for so long as such
         registrations statement remains in effect, and take any other action
         which may be reasonably necessary to enable such Holder or Holders to
         consummate the disposition in such jurisdictions of the securities
         owned by such Holder or Holders, except that the Company shall not for
         any such purpose be required to qualify generally to do business as a
         foreign corporation in any jurisdiction wherein it would not but for
         the requirements of this subdivision (iv) be obligated to be qualified
         or to consent to general service of process in any such jurisdiction or
         subject itself to be required to pay any franchise or income taxes in
         any such jurisdiction;

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<PAGE>

                    (v) use its best efforts to cause all Registrable Securities
         covered by registration statement to be registered with or approved by
         such other governmental agencies or authorities as may be necessary to
         enable the Holder or Holders thereof to consummate the disposition of
         such Registrable Securities;

                    (vi) use its best efforts to cause to be furnished to each
         Holder of Registrable Securities as signed counterpart, addressed to
         such Holder (and the underwriters, if any), of

                            (x) an opinion of counsel for the Company, dated the
               effective date of such registration statement (and, if such
               registration includes an underwritten public offering, dated the
               date of the closing under the underwriting agreement), reasonably
               satisfactory in form and substance to counsel for all such
               Holders or, if such registration includes an underwritten public
               offering, to such underwriter, and

                            (y) a "comfort" letter, dated the effective date of
               such registration statement (and, if such registration includes
               an underwritten public offering, dated the date of the closing
               under the underwriting agreement), signed by the independent
               public accountants who have certified the Company's financial
               statements included in such registration statement, addressed to
               each Holder, to the extent the same can be reasonably obtained,
               and addressed to the underwriters, if any, covering substantially
               the same matters with respect to such registration statement (and
               the prospectus included therein) and, in the case of the
               accountants' letter, with respect to events subsequent to the
               date of such financial statements, as are customarily covered in
               accountants' letters delivered to the underwriters in
               underwritten public offerings of securities and such other
               financial matters as such Holder (or the underwriters, if any)
               may reasonably request;

                    (vii) notify each Holder of Registrable Securities covered
         by such registration statement, at any time when a prospectus relating
         thereto is required to be delivered under the Securities Act, upon
         discovery that, or upon the happening of any event as a result of
         which, the prospectus included in such registration statement, as then
         in effect, includes an untrue statement of a material fact or omits to
         state any material fact required to be stated therein or necessary to
         make the statements therein not misleading in the light of the
         circumstances under which they were made, and at the request of any
         such Holder promptly prepare to furnish to such Holder a reasonable
         number of copies of a supplement to or an amendment of such prospectus
         as may be necessary so that, as thereafter delivered to the purchasers
         of such securities, such prospectus shall not include an untrue
         statement of a material fact or omit to state a material fact required
         to be stated therein or necessary to make the statements therein not
         misleading in the light of the circumstances under which they were
         made;

                    (viii) otherwise use its best efforts to comply with all
         applicable rules and regulations of the Commission, and make available
         to its security holders, as soon as

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<PAGE>

         reasonably practicable, an earnings statement covering the period of at
         least twelve (12) months, but not more than eighteen (18) months,
         beginning with the first full calendar month after the effective date
         of such registration statement, which earnings statement shall satisfy
         the provisions of Section 11(a) of the Securities Act, and in the case
         of a registration requested pursuant to Section 2.1 hereof, will
         furnish to each such Holder at least two (2) business days prior to the
         filing thereof a copy of any amendment or supplement to such
         registration statement or prospectus and shall not file any thereof to
         which any such Holder shall have reasonably objected on the grounds
         that such amendment or supplement does not comply in all material
         respects with the requirements of the Securities Act or of the rules or
         regulations thereunder;

                    (ix) provide and caused to be maintained a transfer agent
         and registrar for all Registrable Securities covered by such
         registration statement from and after a date not later than the
         effective date of such registration statement; and

                    (x) use its best efforts to list all Registrable Securities
         covered by such registration statement on any securities exchange on
         which any of the Registrable Securities is then listed.

         Notwithstanding the foregoing, the Company may defer its obligations
under Section 2.1(b) to file a registration statement, but not its obligations
to initiate the process of preparing the applicable registration statement, for
a period of no more than (i) ninety (90) days in any three hundred sixty-five
(365) day period, if the Company's Board of Directors (or comparable governing
body) determines in good faith that filing such a registration statement would
be materially detrimental to the Company, provided, that once any such
detrimental information has been publicly disclosed or the condition which
caused such filing to be potentially materially detrimental to the Company no
longer exists, the Company shall promptly proceed to fulfill its obligations
under Section 2.1 and (ii) one hundred eighty (180) days from the most recent
effective date of any registration statement of the Company filed under the
Securities Act pursuant to Section 2.1 and occurring prior to the demand for
registration made pursuant to Section 2.1.

         The Company may require each proposed Holder of Registrable Securities
as to which any registration is being effected to promptly furnish the Company,
as a condition precedent to including such Holder's Registrable Securities in
any registration, such information regarding such Holder and the distribution of
such securities as the Company may from time to time reasonably request in
writing.

         Each Holder of Registrable Securities agrees by acquisition of such
Registrable Securities that upon receipt of any notice from the Company of the
happening of any event of the kind described in subdivision (vii) of this
Section 2.3, such Holder will forthwith discontinue such Holder's disposition of
Registrable Securities pursuant to the registration statement relating to such
Registrable Securities until such Holder's receipt of the copies of the
supplemented or amended prospectus contemplated by subdivision (vii) of this
Section 2.3 and, if so directed by the Company, will deliver to the Company (at
the Company's expense) all copies, other than

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permanent file copies, then in such Holder's possession of the prospectus
relating to such Registrable Securities current at the time of receipt of such
notice.

                  2.4   Underwritten Offerings.

                        (a) Underwritten Demand Offerings. If requested by the
underwriters for any offering by Holders of Registrable Securities pursuant to a
registration demanded under Section 2.1, the Company will enter into an
underwriting agreement with such underwriters for such offering, such agreement
to be satisfactory in substance and form to the Company, to Holders of more than
fifty percent (50%) (by number of shares or other equity interests) of the
Registrable Securities held by the Holders making the registration request under
Section 2.1(b) and the underwriters and to contain such representations and
warranties by the Company and such other terms as are generally prevailing in
agreements of this type, including, without limitation, indemnities to the
effect and to the extent provided in Section 2.6. The Holders of the Registrable
Securities will cooperate with the Company in the negotiation of the
underwriting agreement and will give consideration to the reasonable requests of
the Company regarding the form thereof, provided, that nothing herein contained
shall diminish the foregoing obligations of the Company. The Holders of
Registrable Securities to be distributed by such underwriters shall be parties
to such underwriting agreement.

                        (b) Incidental Underwritten Offerings. If the Company at
any time proposes to register any of its securities under the Securities Act as
contemplated by Section 2.2 and such securities are to be distributed by or
through one or more underwriters, the Company will, if requested by any Holder
of Registrable Securities as provided in Section 2.2 and subject to the
provisions of Sections 2.2(a) and 2.2(b), arrange for such underwriters to
include all the Registrable Securities to be offered and sold by such Holder
among the securities to be distributed by such underwriters. The Holders of
Registrable Securities to be distributed by such underwriters shall be parties
to the underwriting agreement between the Company and such underwriters.

                  2.5 Preparation; Reasonable Investigation. In connection with
the preparation and filing of each registration statement under the Securities
Act pursuant to this Agreement, the Company will give the Holders of Registrable
Securities registered under such registration statement, the underwriters, if
any, and their respective counsel (such Holders' counsel to be appointed by the
Holders of more than fifty percent (50%) (by number of shares or other equity
interests) of Registrable Securities held by the Holders making the registration
request under Section 2.1(b)), reasonable opportunity to review and comment on
such registration statement, each prospectus included there or filed with the
Commission, and each amendment thereof or supplement thereto, and will give each
of them such access to its books and records and such opportunities to discuss
the business of the Company with its officers and the independent public
accountants who have certified its financial statements as shall be necessary,
in the opinion of such Holders' and such underwriters' respective counsel, to
conduct a reasonable investigation within the meaning of the Securities Act.

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<PAGE>

                  2.6   Indemnification.

                        (a) Indemnification by the Company. In the event of any
registration of any securities of the Company under the Securities Act, the
Company agrees to indemnify and hold harmless the Holder of any Registrable
Securities covered by such registration statement, its directors and officers,
each other Person who participates as an underwriter in the offering or sale of
such securities and such other Person, if any, who controls such Holder or any
such underwriter within the meaning of the Securities Act, against any losses,
claims, damages or liabilities, joint or several, to which such Holder or any
such director or officer or underwriter or controlling person may become subject
under the Securities Act or otherwise, insofar as such losses, claims, damages
or liabilities (or actions or proceedings, whether commenced or threatened, in
respect thereof) arise out of or are based upon any untrue statement or alleged
untrue statement of any material fact contained in any registration statement
under which such securities were registered under the Securities Act, any
preliminary prospectus, final prospectus or summary prospectus contained
therein, or any amendment or supplement thereto, or any omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, and the Company will
reimburse such Holder and each such director, officer, underwriter and
controlling person for any legal or any other expenses reasonably incurred by
them in connection with investigating or defending any such loss, claim,
liability, action or proceeding; provided, however, that the Company will not be
liable in any such case to the extent that any such loss, claim, damage or
liability arises out of or is based upon an untrue statement or alleged untrue
statement or omission or alleged omission made in such registration statement,
said preliminary or final prospectus or said amendment or supplement in reliance
upon and in conformity with written information furnished to the Company by an
instrument duly executed by such Holder, specifically for use in the preparation
thereof. Such indemnity shall remain in full force and effect regardless of any
investigation made by or on behalf of such Holder or any such director, officer,
underwriter or controlling person and shall survive the transfer of such
securities by such Holder.

                        (b) Indemnification by the Holders of Securities. The
Holders of Registrable Securities agrees to severally and not jointly, indemnify
and hold harmless (in the same manner and to the same extent as set forth in
subdivision (a) of this Section 2.6) the Company, each director of the Company,
each officer of the Company and each other Person, if any, who controls the
Company within the meaning of the Securities Act against any losses, claims,
damages or liabilities, joint or several, to which such indemnified Person may
become subject under the Securities Act or otherwise, insofar as such losses,
claims, damages or liabilities (or actions or proceedings, whether commenced or
threatened, in respect thereof) arise out of or are based upon any statement or
alleged statement in or omission or alleged omission from such registration
statement, any preliminary prospectus, final prospectus or summary prospectus
contained therein, or any amendment or supplement thereto, if such statement or
alleged statement or omission or alleged omission was made in reliance upon and
in conformity with written information furnished to the Company by such Holder
or Holders of Registrable Securities for use in the preparation of such
registration statement, preliminary prospectus, final prospectus, summary
prospectus, amendment or supplement. Such indemnity shall remain in full force
and effect, regardless of any investigation made by or on behalf of the Company
or any

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<PAGE>

such director, officer or controlling person and shall survive the transfer of
such securities by such Holder with respect to information furnished by such
Holder prior to such transfer. Provided however that in no event shall the
indemnification obligation of any Holder pursuant to this Section 2.6(b) exceed
the gross proceeds received by such Holder pursuant to the sale of the Holders
Registrable Securities.

                        (c) Notices of Claims, etc. Promptly after receipt by an
indemnified party of notice of the assertion of a claim referred to in the
preceding subdivisions of this Section 2.6, such indemnified party will, if a
claim in respect thereof is to be made against an indemnifying party, give
written notice to the latter of the assertion, provided that the failure of any
indemnified party to give notice as provided herein shall not relieve the
indemnifying party of its obligations under the preceding subdivisions of this
Section 2.6, except to the extent that the indemnifying party is prejudiced by
such failure to give notice. In case any such claim is made against an
indemnified party, unless in the written opinion of counsel a conflict of
interest between such indemnified party and indemnifying parties may exist in
respect of such claim, the indemnifying party shall be entitled to participate
in and to assume the defense thereof, jointly with any other indemnifying party
similarly notified to the extent that it may wish, with counsel reasonably
satisfactory to such indemnified party, and after notice from the indemnifying
party to such indemnified party of its election so to assume the defense
thereof, the indemnifying party shall not be liable to such indemnified party
for any legal or other expenses subsequently incurred by the latter in
connection with the defense thereof. No indemnifying party shall, without the
consent of the indemnified party, consent to entry of any judgment or enter into
any settlement which does not include as an unconditional term thereof the
giving by the claimant or plaintiff to such indemnified party of a release from
all liability in respect to such claim or litigation.

                        (d) Other Indemnification. Indemnification similar to
that specified in the preceding subdivisions of this Section 2.6 (with
appropriate modifications) shall be given by the Company and each Holder of
Registrable Securities with respect to any required registration or other
qualification of securities under any Federal or state law or regulation of any
governmental authority other than the Securities Act.

                        (e) Indemnification Payments. The indemnification
required by this Section 2.6 shall be made by periodic payments of the amount
thereof during the course of the investigation or defense, as and when bills are
received or expense, loss, damage or liability is incurred.

                  2.7 Adjustments Affecting Registrable Securities. The Company
will not effect or permit to occur any combination or subdivision of shares
which would adversely affect the ability of the Holders of Registrable
Securities to include such Registrable Securities in any registration of its
securities contemplated by this Section 2 or the marketability of such
Registrable Securities under any such registration.

                  2.8 Exercise of Demand Rights. Notwithstanding anything to the
contrary contained herein, each Holder of Registrable Securities hereby agrees
not to exercise any demand

                                       11
<PAGE>

registration right pursuant to Section 2.1(a) or 2.1(b) hereof, (i) during the
seven (7) days prior to and during the ninety (90) days following the effective
date of any underwritten demand registration or any underwritten piggyback
registration pursuant to this Section 2 (other than the Initial Public Offering)
in which Registrable Securities are included, or (ii) during the seven (7) days
prior to and during the one hundred eighty (180) days following the effective
date of the registration statement relating to the Initial Public Offering.

         3. Definitions. As used herein, unless the context otherwise requires,
the following terms have the following respective meanings:

             Commission: The Securities and Exchange Commission or any other
             Federal agency at the time administering the Securities Act.

             Company Securities: All shares or other equity interests now or
             hereafter authorized by the Company and stock or other equity
             interests of any other class with which such shares or equity
             interests may hereafter have been exchanged or reclassified.

             Exchange Act: The Securities and Exchange Act of 1934, as amended.

             Person: A corporation, an association, a partnership, a limited
             liability company, a business, an individual, a governmental or
             political subdivision thereof or a governmental agency.

             Registrable Securities: Any Company Securities held by the Holders
             from time to time.

             As to any particular Registrable Securities, such securities shall
             cease to be Registrable Securities when (a) a registration
             statement with respect to the sale of such securities shall have
             become effective under the Securities Act and such securities shall
             have been disposed of in accordance with such registration
             statement, (b) they shall have been distributed to the public
             pursuant to Rule 144 (or any successor provision) under the
             Securities Act, or (c) they shall have ceased to be outstanding.

             Registration Expenses: All expenses incident to the Company's
             performance of or compliance with Section 2, including, without
             limitation, all registration, filing and National Association of
             Securities Dealers, Inc. fees, all fees and expenses of complying
             with securities or blue sky laws, all word processing, duplicating
             and printing expenses, messenger and delivery expenses, the
             reasonable fees and disbursements of counsel for the Company and
             the Company's independent public accountants, including the
             expenses of any special audits or "cold comfort" letters required
             by or incident to such performance and compliance, the reasonable
             fees and disbursements of a single counsel retained by the Holder
             or Holders of more than fifty percent (50%) (by number of shares or
             other equity interests) of the

                                       12
<PAGE>

             Registrable Securities being registered, premiums and other costs
             of policies of insurance obtained by the Company against
             liabilities arising out of the public offering of the Registrable
             Securities being registered and any fees and disbursements of
             underwriters customarily paid by issuers or seller of securities,
             including reasonable fees of underwriters counsel incurred in the
             qualification of the Securities under blue sky laws, but excluding
             all agency fees and commissions, underwriting discounts and
             commissions and transfer taxes, if any.

             Securities Act: As defined in Section 2.1(a).

             Series D Holder: Any Holder of Series D Registrable Securities.

             Series D Registrable Securities: Any Registrable Securities
             classified as Series D Preferred Stock, par value $.01 per share.

         4. Rule 144. If the Company shall have filed a registration statement
pursuant to the requirements of Section 12 of the Exchange Act or a registration
statement pursuant to the requirements of the Securities Act, the Company will
file the reports required to be filed by it, and in the manner required to be
filed by it, under the Securities Act and the Exchange Act (or, if the Company
is not required to file such reports, will, upon the request of any Holder of
Registrable Securities, make publicly available other information) and will take
such further action as any Holder of Registrable Securities may reasonably
request, all to the extent required from time to time to enable such Holder to
sell Registrable Securities without registration under the Securities Act within
the limitation of the exemptions provided by (a) Rule 144 under the Securities
Act, as such Rule may be amended from time to time, or (b) any similar rule or
regulation hereafter adopted by the Commission ("Rule 144"). Upon the request of
any Holder of Registrable Securities, the Company will deliver to such Holder a
written statement as to whether it has complied with such requirements.

         5. Amendment and Waivers. This Agreement may be amended, and the
Company may take any action herein prohibited or omit to perform any act herein
required to be performed by it, only if the Company shall have obtained the
written consent to such amendment, action or omission to act, of the Holder or
Holders of seventy-five percent (75%) or more (by number of shares or other
equity interests) of Registrable Securities. Each Holder of any Registrable
Securities at the time or thereafter outstanding shall be bound by any consent
authorized by this Section 5, whether or not such Registrable Securities shall
have been marked to indicate such consent.

         6. Nominees for Beneficial Owners. In the event that any Registrable
Securities are held by a nominee for the beneficial owner thereof, the
beneficial owner thereof may, upon the giving of written notice to the Company,
at its election, be treated as the holder of such Registrable Securities for
purposes of any demand, request or other action by any Holder or Holders of
Registrable Securities pursuant to this Agreement or any determination of any
number or percentage of shares of Registrable Securities held by any Holder or
Holders of Registrable

                                       13
<PAGE>

Securities contemplated by this Agreement. The Company may require assurances
reasonably satisfactory to it of such owner's beneficial ownership of such
Registrable Securities.

         7. Notices. All notices provided for by this Agreement shall be made in
writing (i) either by actual delivery or (ii) by the mailing of the notice in
the United States mail to the last known address of the party entitled thereto,
registered or certified mail, return receipt requested, courier service or
personal delivery and shall be deemed to have been duly given or made and to
have become effective when delivered in hand to the party to which directed,
when delivered by courier if delivered by commercial overnight courier service,
or if sent by first-class registered mail, postage prepaid and properly
addressed, at the earlier of (a) the time when received by the addressee or (b)
the fifth business day following the dispatch thereof.

         8. Assignment. Subject to the restrictions on transfer of the
Registrable Securities imposed by the Company's Stockholders' Agreement or other
organizational documents, this Agreement shall be binding upon and inure to the
benefit of and be enforceable by the parties hereto and their respective
successors and permitted assigns. In addition, and whether or not any express
assignment shall have been made, the provisions of this Agreement which are for
the benefit of the parties hereto other than the Company shall also be for the
benefit of and enforceable by any subsequent Holder of any Registrable
Securities, subject to the provisions respecting minimum numbers or percentages
of shares of Registrable Securities required in order to be entitled to certain
rights, or take certain actions, contained herein.

         9. Descriptive Headings. The descriptive headings of the several
sections and paragraphs of this Agreement are inserted for reference only and
shall not limit or otherwise affect the meaning hereof.

         10. Governing Law. This Agreement shall be construed and enforced in
accordance with, and the rights of the parties shall be governed by, the
internal substantive laws of the State of Missouri.

         11. Counterparts. This Agreement may be executed simultaneously in any
number of counterparts, each of which shall be deemed an original, but all such
counterparts shall together constitute one and the same instrument.

         12 Expiration. The registration rights granted pursuant to Sections 2.1
and 2.2 hereof shall expire on the earlier of (a) the date which is four (4)
years following an Initial Public Offering; or (b) as to each individual Holder,
at such time after the Company's Initial Public Offering as all Registrable
Securities held by and issuable to such Holder may be sold under Rule 144 of the
1933 Act without regard to volume and manner of sale limitations.

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

                                       14
<PAGE>

                               SIGNATURE PAGES FOR
               AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

         IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed and delivered by their respective officers or other authorized
representatives thereunto duly authorized as of the date first above written.

                                    COMPANY:

                                    BUILD-A-BEAR WORKSHOP, INC.,
                                    a Delaware corporation

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

                                    HOLDERS:

                                    SMART STUFF, INC.,
                                    a Missouri corporation

                                        /s/ Maxine Clark
                                    --------------------------------------------
                                    By: Maxine Clark

                                    CLARK/FOX, L.L.C.
                                    a Missouri limited liability company

                                        /s/ Maxine Clark
                                    --------------------------------------------
                                    By: Maxine Clark, its Manager

                                    CLARK/FOX II, L.L.C.
                                    a Missouri limited liability company

                                        /s/ Maxine Clark
                                    --------------------------------------------
                                    By: Maxine Clark, its Manager

                                       15
<PAGE>

                                        /s/ Maxine Clark
                                    --------------------------------------------
                                    Maxine Clark

                                    Barney A. Ebsworth Revocable Trust dated
                                    July 23, 1986

                                        /s/ Barney A. Ebsworth Rev. Tr.
                                    --------------------------------------------
                                    By: Barney A. Ebsworth
                                        ----------------------------------------

                                        /s/ Wayne L. Smith, II
                                        ----------------------------------------
                                    Wayne L. Smith, II

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

                                    HYCEL PARTNERS V, L.L.C.,
                                    a Missouri limited liability company

                                        /s/ Mark H. Zorensky
                                    --------------------------------------------
                                    By:    Mark H. Zorensky, Manager
                                           -------------------------------------

                                    WALNUT CAPITAL PARTNERS, L.P.,
                                    a Delaware limited partnership

                                    By: Walnut Capital Management Group, LLC,
                                    its general partner

                                     By:     /s/ James M. Gould
                                           -------------------------------------
                                           Manager

                                    WALNUT INVESTMENT PARTNERS, L.P.,
                                    a Delaware limited partnership

                                    By: Walnut Investments Holding Company, LLC,
                                    its general partner

                                    By:      /s/ James M. Gould
                                           -------------------------------------
                                           Manager

                                       16
<PAGE>

                                    KCEP VENTURES II, L.P.,
                                    a Missouri limited partnership

                                    By: KCEP II, L.C., its general partner

                                    By:      /s/ William Reisler
                                           -------------------------------------
                                          William Reisler, its Managing Director

                                    CATTERTON PARTNERS IV, L.P.,
                                    a Delaware limited partnership

                                    By:    Catterton Managing
                                    Partner IV, L.L.C.
                                    Its:    General Partner

                                    By:    CP4 Principals, L.L.C.
                                    Its:   Managing Member

                                    By:      /s/ Frank M. Vest, Jr.
                                           -------------------------------------
                                    Name:  Frank M. Vest, Jr.
                                    Title: Authorized Person

                                    CATTERTON PARTNERS IV-A, L.P.,
                                    a Delaware limited partnership

                                    By:    Catterton Managing
                                    Partner IV, L.L.C.
                                    Its:    General Partner

                                    By:    CP4 Principals, L.L.C.
                                    Its:   Managing Member

                                    By:      /s/ Frank M. Vest, Jr.
                                           -------------------------------------
                                    Name:  Frank M. Vest, Jr.
                                    Title: Authorized Person

                                       17

<PAGE>

                                    CATTERTON PARTNERS IV-B, L.P.,
                                    a Delaware limited partnership
                                    By:    Catterton Managing
                                    Partner IV, L.L.C.
                                    Its:   General Partner

                                    By:    CP4 Principals, L.L.C.
                                    Its:   Managing Member

                                    By:      /s/ Frank M. Vest, Jr.
                                           -------------------------------------
                                    Name:    Frank M. Vest, Jr.
                                    Title:   Authorized Person

                                    CATTERTON PARTNERS IV OFFSHORE, LP.
                                    a Cayman limited partnership

                                    By:    Catterton Managing
                                    Partner IV, L.L.C.
                                    Its:   Managing General Partner

                                    By:    CP4 Principals, L.L.C.
                                    Its:   Managing Member

                                    By:       /s/ Frank M. Vest, Jr.
                                           -------------------------------------
                                    Name:  Frank M. Vest, Jr.
                                    Title: Authorized Person

                                    CATTERTON PARTNERS IV SPECIAL
                                    PURPOSE, L.P.
                                    a Cayman limited partnership

                                    By:    Catterton Managing Partner IV, L.L.C.
                                    Its:   Managing General Partner

                                    By:    CP4 Principals, L.L.C.
                                    Its:   Managing Member

                                    By:      /s/ Frank M. Vest, Jr.
                                           -------------------------------------
                                    Name:  Frank M. Vest, Jr.
                                    Title: Authorized Person

                                       18
<PAGE>

                                                 /s/ Adrienne Weiss
                                                 -------------------------------
                                               Adrienne Weiss

                                                  /s/ Christiane Ebsworth
                                                 -------------------------------
                                               Christiane Ebsworth

                                                 /s/ Thomas Holley
                                                 -------------------------------
                                               Thomas Holley

                                       19

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