<SUBMISSION>
<ACCESSION-NUMBER>0000950138-05-000278
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20050401
<ITEMS>1.01
<ITEMS>9.01
<FILING-DATE>20050401
<DATE-OF-FILING-DATE-CHANGE>20050401
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>BUILD A BEAR WORKSHOP INC
<CIK>0001113809
<ASSIGNED-SIC>5945
<IRS-NUMBER>431883836
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>0101
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-32320
<FILM-NUMBER>05724432
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>1954 INNERBELT BUSINESS CENTRE DRIVE
<CITY>ST LOUIS
<STATE>MO
<ZIP>63114
<PHONE>314-423-8000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>1954 INNERBELT BUSINESS CENTRE DRIVE
<CITY>ST LOUIS
<STATE>MO
<ZIP>63114
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k_040105.htm
<DESCRIPTION>FORM 8K - APRIL 1, 2005
<TEXT>
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<TITLE>Build-A-Bear Workshop, Inc. Form 8K</TITLE>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR><BR>
WASHINGTON, D. C. 20549 </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>FORM 8-K</B></FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CURRENT REPORT PURSUANT<BR>
TO SECTION 13 OR 15(d) OF THE<BR>SECURITIES EXCHANGE ACT OF 1934</FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date
of Report (Date of earliest event<BR> reported): April 1, 2005&nbsp;&nbsp; (March 28, 2005) </FONT></P>



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<TR>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><B>Build-A-Bear Workshop, Inc.</B></FONT></TD>
</TR>
<TR>
     <TD ALIGN=CENTER><HR SIZE=1 NOSHADE WIDTH=40%></TD>
</TR>
<TR>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Exact Name of Registrant as Specified in Its Charter) </FONT></TD>
</TR>
</TABLE>
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<BR>
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<TR valign=bottom>
     <TD WIDTH=25% align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Delaware </FONT></TD>
     <TD WIDTH=13%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
     <TD WIDTH=25% align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>001-32320 </FONT></TD>
     <TD WIDTH=13%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
     <TD WIDTH=25% align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>43-1883836 </FONT></TD>
</TR>
<TR>
     <TD WIDTH=25% align=center><HR SIZE=1 NOSHADE> </TD>
     <TD WIDTH=13%></TD>
     <TD WIDTH=25%><HR SIZE=1 NOSHADE> </TD>
     <TD WIDTH=13%></TD>
     <TD WIDTH=25%><HR SIZE=1 NOSHADE> </TD>
</TR>
<TR valign=top>
     <TD WIDTH=25% align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(State or Other<BR>Jurisdiction of<BR>Incorporation) </FONT></TD>
     <TD WIDTH=13%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
     <TD WIDTH=25% align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Commission<BR>File Number) </FONT></TD>
     <TD WIDTH=13%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
     <TD WIDTH=25% align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(IRS Employer<BR>Identification No.) </FONT></TD>
</TR>
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<BR>
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<TR VALIGN=BOTTOM>
     <TD WIDTH=50% align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1954 Innerbelt Business Center Drive<BR>St. Louis, Missouri </FONT></TD>
     <TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
     <TD WIDTH=30% align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>63114 </FONT></TD>
     <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
</TR>
<TR>
     <TD WIDTH=50% align=center><HR SIZE=1 NOSHADE width=75% align=center> </TD>
     <TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
     <TD WIDTH=30%><HR SIZE=1 NOSHADE width=75% align=center> </TD>
     <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
</TR>
<TR>
     <TD WIDTH=50% align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Address of Principal Executive Offices) </FONT></TD>
     <TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
     <TD WIDTH=30% align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Zip Code) </FONT></TD>
     <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 width=100%>
<TR>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(314) 423-8000 </font></TD>
</TR>
<TR>
     <TD align=center><HR SIZE=1 NOSHADE width=30% align=center> </TD>
</TR>
<TR>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Registrant's Telephone Number, Including Area Code)</font></TD>
</TR>
</TABLE>
<BR>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (<I>see</I> General Instruction A.2. below): </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[&nbsp;&nbsp;&nbsp;]&nbsp;&nbsp;
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[&nbsp;&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[&nbsp;&nbsp;&nbsp;]&nbsp;&nbsp;
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[&nbsp;&nbsp;&nbsp;]&nbsp;&nbsp;
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>




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<A NAME=A001></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Item 1.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entry into a
Material Definitive Agreement.</U> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective
March 28, 2005, Build-A-Bear Workshop, Inc. (the &#147;Company&#148;) amended the
Employment, Confidentiality and Non-compete Agreement dated July 9, 2001 by and between
the Company and John F. Burtelow, pursuant to a First Amendment (the &#147;First
Amendment&#148;). The First Amendment changes Mr. Burtelow&#146;s title from Chief Banker
Bear to Managing Director of Accounting and allows the Company&#146;s Chief Financial
Officer to assign him duties. While Mr. Burtelow&#146;s employment is initially to remain
on a full-time basis under the First Amendment, the parties reserved the option to
mutually agree in writing at a later date to allow Mr. Burtelow to work on a reduced hours
basis without a requirement to formally amend the agreement. Mr. Burtelow&#146;s annual
salary was reduced to not less than $160,000 and his bonus will be determined annually by
the Company in accordance with its bonus structure for all other Managing Directors of the
Company, for so long as Mr. Burtelow remains employed on a full time basis, as defined for
benefits purposes, in the position of Managing Director. In the event that the employment
agreement is terminated due to Mr. Burtelow&#146;s shift to reduced hours status, the
post-termination competition restrictions set forth in the agreement will also terminate. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
copy of the First Amendment is furnished as Exhibit 10.1 hereto and is incorporated by
reference herein. The description of the First Amendment contained herein is qualified in
its entirety by the full text of such exhibit.</FONT></P>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Statements and
Exhibits. </U></FONT></P>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)&nbsp;&nbsp;&nbsp; Exhibits </FONT></P>

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<TR VALIGN=TOP>
     <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Exhibit Number</U> </FONT></TD>
     <TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Description of Exhibit</U>  </FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=TOP>
     <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.1 </FONT></TD>
     <TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="exh10-1.htm">First Amendment to Employment, Confidentiality and Non-compete Agreement
dated March 28, 2005 by and between Build-A-Bear Workshop, Inc. and John F. Burtelow </A></FONT></TD>
</TR>
</TABLE>
<BR>
<BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>
<BR>
<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2</font></p>


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<A NAME=A003></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized. </FONT></P>

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<TR>
     <TD WIDTH=60%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
     <TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BUILD-A-BEAR WORKSHOP, INC.</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR>
     <TD WIDTH=60%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date:  April 1, 2005 </FONT></TD>
     <TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By: </FONT></TD>
     <TD WIDTH=37%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;/s/ Tina Klocke   </FONT><HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR valign=top>
     <TD WIDTH=60%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
     <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Name:</FONT></TD>
     <TD WIDTH=35%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;Tina Klocke  </FONT></TD>
</TR>
<TR valign=top>
     <TD WIDTH=60%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
     <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Title:</FONT></TD>
     <TD WIDTH=35%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;Chief Financial Bear, Secretary and<BR>
&nbsp;Treasurer</FONT></TD>
</TR>
</TABLE>
<BR>
<BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>
<BR>
<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3</font></p>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXHIBIT INDEX </FONT></P>


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<TR VALIGN=TOP>
     <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Exhibit Number</U> </FONT></TD>
     <TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Description of Exhibit</U>  </FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=TOP>
     <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.1 </FONT></TD>
     <TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="exh10-1.htm">First Amendment to Employment, Confidentiality and Non-compete Agreement
dated March 28, 2005 by and between Build-A-Bear Workshop, Inc. and John F. Burtelow </A></FONT></TD>
</TR>
</TABLE>
<BR>
<BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>
<BR>
<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</font></p>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exh10-1.htm
<DESCRIPTION>FIRST AMEND. TO EMPLOY. AGREEMENT; J. BURTELOW
<TEXT>
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<TITLE>Build-A-Bear Workshop, Inc. Exhibit 10.1 to Form 8K</TITLE>
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<H1 ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 10.1</font></h1>

<BR>
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<A NAME=A001></A>
<H1 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>FIRST AMENDMENT TO
EMPLOYMENT, CONFIDENTIALITY AND<BR> NONCOMPETE AGREEMENT </U></FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
First Amendment ( the &#147;Amendment&#148;) to the Employment, Confidentiality and
Non-compete Agreement dated 9<SUP>th</SUP> July 2001 (the &#147;Agreement&#148;) is made
effective as of the 28<SUP>th</SUP> day of March 2005, between <B>BUILD-A-BEAR WORKSHOP,
INC.</B> (&#147;Company&#148;) and <B>JOHN F. BURTELOW </B>(&#147;Employee&#148; or
&#147;Mr. Burtelow&#148;). </FONT></P>

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<A NAME=A002></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Recital </U></FONT></H1>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;
          Company and Employee previously entered into the Agreement whereby Company hired
          Employee to provide various services to Company under the title of Chief Banker
          Bear. Company and Employee now mutually desire to amend the Agreement pursuant
          to the terms of this Amendment. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NOW,
THEREFORE, </B>in consideration of the premises and agreements hereinafter set forth, and
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows: </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.&nbsp;&nbsp;&nbsp;&nbsp;
          Section 1 of the Agreement is hereby amended to change Mr. Burtelow&#146;s title
          to Managing Director of Accounting. Section 1 is further amended to allow for
          the Chief Financial Officer to also assign Mr. Burtelow duties. As of the date
          of the Amendment, Mr. Burtelow&#146;s employment remains on a full-time basis.
          However, the parties hereby amend the Agreement to provide that the parties
          reserve the option to mutually agree in writing at a later date to allow Mr.
          Burtelow to work on a reduced hours basis without the requirement to formally
          amend the Agreement. For avoidance of doubt, a change to reduced hours status
          shall occur only with the mutual written consent of both parties, and the
          parties reserve the right to require other changes to this Agreement, or to
          require termination of this Agreement, in the event Mr. Burtelow shifts to
          reduced hours status. </FONT></P>


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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.&nbsp;&nbsp;&nbsp;&nbsp;
          Section 3(a) of the Agreement is hereby amended to reduce Mr. Burtelow&#146;s
          annual salary to not less than one hundred and sixty thousand dollars ($160,000)
          and to replace &#147;annual base salary rate&#148; with &#147;actual annual base
          salary rate&#148;. </FONT></P>


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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.&nbsp;&nbsp;&nbsp;&nbsp;
          Section 3(b) of the Agreement is amended as follows: The parties acknowledge
          that Mr. Burtelow&#146;s bonus for fiscal 2005 and thereafter will be determined
          on an annual basis or as otherwise determined by the Company in accordance with
          its bonus structure for all other Managing Directors of the Company, for so long
          as Mr. Burtelow remains employed on a full time basis, as defined for benefits
          purposes, in the position of Managing Director. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.&nbsp;&nbsp;&nbsp;&nbsp;
          Section 4 of the Agreement is amended as follows: Upon termination of this
          Agreement due to Mr. Burtelow&#146;s shift to reduced hours status, the rights
          and obligations of the parties pursuant to Section 6 will also terminate and be
          rendered <I>void ab initio</I>. </FONT></P>




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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.&nbsp;&nbsp;&nbsp;&nbsp;
          Except as expressly set forth above, the Agreement remains in full force and
          effect, in accordance with its terms. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>IN WITNESS WHEREOF</B>, the
parties have executed this First Amendment effective as of 28 March 2005. </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR>
     <TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>JOHN F. BURTELOW</B> </FONT></TD>
     <TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
     <TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>BUILD-A-BEAR WORKSHOP, INC.</B> </FONT></TD>
</TR>
</TABLE>
<BR>
<BR>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR valign=top>
     <TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By:</FONT></TD>
     <TD WIDTH=37%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;/s/ John Burtelow </FONT><HR SIZE=1 NOSHADE> </TD>
     <TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
     <TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By: </FONT></TD>
     <TD WIDTH=37%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;/s/ Maxine Clark </FONT><HR SIZE=1 NOSHADE> </TD>
</TR>
<TR>
     <TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH=37%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;John Burtelow </FONT></TD>
     <TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
     <TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH=37%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;Maxine Clark <BR>Chief Executive Bear</FONT></TD>
</TR>
</TABLE>

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