Form 4: Build-A-Bear Director Sells Shares Under 10b5-1 Plan

Build-A-Bear Workshop Director Lesli Rotenberg sold 1,000 shares of common stock for approximately $61,000 under a pre-arranged Rule 10b5-1 trading plan.

Summary

• Lesli Rotenberg, a Director of Build-A-Bear Workshop, Inc. (BBW), reported the sale of 1,000 shares of common stock.
• The transactions occurred on October 13, 2025, and were executed pursuant to a Rule 10b5-1 trading plan established on July 7, 2025.
• The first transaction involved the sale of 650 shares at a weighted average price of $60.9854, with prices ranging from $60.39 to $61.23.
• The second transaction involved the sale of 350 shares at a weighted average price of $61.9857, with prices ranging from $61.94 to $62.04.
• Following these sales, Ms. Rotenberg directly beneficially owns 7,969 shares of common stock and 1,856 shares of restricted stock, totaling 9,825 shares.

Sentiment

Score: 5

Explanation: The sale of shares by a director, while reducing insider ownership, was conducted under a pre-arranged Rule 10b5-1 trading plan, which typically indicates a planned diversification or liquidity event rather than a reaction to new material non-public information. This makes the transaction largely neutral in terms of immediate sentiment.

Negatives

• Director Lesli Rotenberg sold 1,000 shares of common stock, reducing her direct beneficial ownership in the company.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders: A slight reduction in insider ownership, though mitigated by the pre-arranged nature of the sale.

Key Dates

Recommendation

The sale of shares by a director was executed under a pre-arranged Rule 10b5-1 trading plan, which is a common practice for insiders to manage personal finances and diversify holdings without implying a negative outlook on the company's future. This transaction alone does not provide sufficient new information to alter an existing investment thesis, thus a 'hold' recommendation is appropriate.

Keywords

BUILD-A-BEAR WORKSHOP, BBW, Lesli Rotenberg, Insider Sale, Form 4, 10b5-1 plan, Director, Common Stock