Build-A-Bear Workshop Inc. has entered into a Third Amendment to its Revolving Credit and Security Agreement with PNC Bank, National Association, serving as agent for the lenders, and several affiliated guarantors. The amendment, dated December 31, 2025, updates the original credit agreement established in August 2020 and previously amended in December 2021 and November 2022. The agreement maintains typical negative covenants, restricting the incurrence of additional indebtedness, certain investments, dividend declarations, stock repurchases, and acquisitions outside the ordinary course of business unless specifically permitted. As of the closing date of the Third Amendment, Build-A-Bear Workshop reported no outstanding borrowings under the credit agreement and stated it is in compliance with all covenants.

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