Document:

Change in Control and Severance Agreement

 Exhibit 10.2 
 BEBE STORES, INC. 
 CHANGE IN CONTROL AND SEVERANCE AGREEMENT

 This Change in Control and Severance Agreement (the “Agreement”) is made and entered into by and
between Steve Birkhold (“Executive”) and bebe stores, inc. (the “Company”), effective as of the date Executive commences employment with the Company (the “Effective Date”). 

WHEREAS, The Board of Directors of the Company (the “Board”) recognizes that Executive’s role at the Company
and that the possibility of an acquisition of the Company or an involuntary termination can be a distraction to Executive and can cause Executive to consider alternative employment opportunities. The Board has determined that it is in the best
interests of the Company and its shareholders to assure that the Company will have the continued dedication and objectivity of Executive, notwithstanding the possibility, threat or occurrence of such an event. 

WHEREAS, the Board believes that it is in the best interests of the Company and its shareholders to provide Executive with an
incentive to continue Executive’s employment and to motivate Executive to maximize the value of the Company upon a Change in Control (as defined below) for the benefit of its stockholders. 

WHEREAS, the Board believes that it is imperative to provide Executive with severance benefits upon certain terminations of
Executive’s service to the Company that enhance Executive’s financial security and provide incentive and encouragement to Executive to remain with the Company notwithstanding the possibility of such an event. 

WHEREAS, unless otherwise defined herein, capitalized terms used in this Agreement are defined in Section 9 below.

 NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, including the
agreements set forth below, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

1. Term of Agreement. 
 This Agreement shall become effective as of the Effective Date and terminate upon the date that all obligations of the parties hereto with respect to this Agreement have been satisfied. 

2. At-Will Employment. 
 The Company and Executive acknowledge that Executive’s employment shall be “at-will,” as defined under applicable law. If Executive’s employment terminates for any reason, Executive
shall not be entitled to any payments, benefits, damages, awards or compensation other than as provided by this Agreement. 

 3. Covered Termination Other Than During a Change in Control Period.

 If Executive experiences a Covered Termination other than during a Change in Control Period, and if Executive delivers to
the Company a general release of all claims against the Company and its affiliates that becomes effective and irrevocable in accordance with Section 14(a)(v) hereof (a “Release of Claims”), then in addition to any annual
incentive bonuses earned but not yet paid for any completed full fiscal year immediately preceding the employment termination date and any accrued but unpaid salary, bonus, vacation and expense reimbursement payable in accordance with applicable
law, the Company shall provide Executive with the following: 
 (a) Severance. Executive shall be entitled to receive an
amount equal to two times (2x) Executive’s annual base salary at the rate in effect immediately prior to the Termination Date paid in a single cash lump sum, less authorized deductions and applicable withholding taxes, on the first payroll
date following the date the Release of Claims becomes effective and irrevocable. 
 (b) Equity Awards. The vesting and
exercisability of each unvested option held by Executive as of the Termination Date shall accelerate in full. Each other outstanding equity award, including, without limitation, each restricted stock unit award, held by Executive that is subject to
annual vesting shall automatically become vested and any forfeiture restrictions or rights of repurchase thereon shall lapse immediately prior to the Termination Date, in each case, with respect to that number of unvested shares underlying such
equity awards equal to (i) the product of (A) the total number of shares underlying such equity award as of the Termination Date divided by (B) the number of total months in the vesting schedule of such equity award
multiplied by (ii) that number of full calendar months that have elapsed since the later of (A) the vesting commencement date of such equity award or (B) the last vesting date of such equity award (rounded down to the nearest
whole number of shares); in any event, subject to the achievement of any performance goals upon which vesting is contingent, measured as of the Termination Date, with respect to such equity award, if applicable. For example, if Executive’s
Termination Date is March 16, 2014 and Executive was granted 10,000 restricted stock units with a vesting commencement date of January 15, 2013 and an annual vesting schedule over two years, then the vesting of 833 restricted stock units
would be accelerated ((10,000/24) x 2 = 833.33). In all other respects Executive’s equity award shall continue to be bound by and subject to the terms of their respective agreements and equity plans. 

(c) Continued Healthcare. If Executive elects to receive continued healthcare coverage pursuant to the provisions of the
Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the Company shall directly pay, or reimburse Executive for, the premium for Executive and Executive’s covered dependents, if any, through the
earliest of (i) the twenty-four (24) month anniversary of the Termination Date, (ii) the date Executive and Executive’s covered dependents, if any, become eligible for healthcare coverage under another employer’s plan(s) and
(iii) the date that Executive and/or Executive’s covered dependents, if any, become no longer eligible for COBRA. After the Company ceases to pay premiums pursuant to the preceding sentence, Executive may, if eligible, elect to continue
healthcare coverage at Executive’s expense in accordance the provisions of COBRA. 

  
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 (d) No Mitigation. In no event shall Executive be obligated to seek other employment
or take any other action by way of mitigation of the amounts payable to Executive under any of the provisions of this Section 3, nor, other than as provided in Section 3(c), shall the amount of any payment hereunder be reduced by any
compensation earned by Executive as a result of subsequent employment. 
 4. Covered Termination During a Change in
Control Period. 
 If Executive experiences a Covered Termination during a Change in Control Period, and if Executive
executes and does not revoke a Release of Claims in accordance with Section 14(a)(v) hereof, then in addition to any annual incentive bonuses earned but not yet paid for any completed full fiscal year immediately preceding the employment
termination date and any accrued but unpaid salary, bonus, vacation and expense reimbursement payable in accordance with applicable law, the Company shall provide Executive with the following: 

(a) Severance. Executive shall be entitled to receive an amount equal to two times (2x) Executive’s base salary at the
rate in effect immediately prior to the Termination Date payable in a cash lump sum, less authorized deductions and applicable withholding taxes, on the first payroll date following the date the Release of Claims becomes effective and irrevocable.

 (b) Equity Awards. Each outstanding and unvested equity award, including, without limitation, each stock option and
restricted stock unit award, held by Executive shall automatically become vested and, if applicable, exercisable and any forfeiture restrictions or rights of repurchase thereon shall immediately lapse, as of immediately prior to the Termination Date
with respect to one hundred percent (100%) of the unvested shares underlying Executive’s equity awards. In all other respects Executive’s equity awards shall continue to be bound by and subject to the terms of their respective
agreements and equity plans. 
 (c) Continued Healthcare. If Executive elects to receive continued healthcare coverage
pursuant to the provisions of COBRA, the Company shall directly pay, or reimburse Executive for, the premium for Executive and Executive’s covered dependents, if any, through the earliest of (i) the twenty-four (24) month anniversary
of the Termination Date, (ii) the date Executive and Executive’s covered dependents, if any, become eligible for healthcare coverage under another employer’s plan(s) and (iii) the date that Executive and/or Executive’s
covered dependents, if any, become no longer eligible for COBRA. After the Company ceases to pay premiums pursuant to the preceding sentence, Executive may, if eligible, elect to continue healthcare coverage at Executive’s expense in accordance
the provisions of COBRA. 
 (d) No Mitigation. In no event shall Executive be obligated to seek other employment or take
any other action by way of mitigation of the amounts payable to Executive under any of the provisions of this Section 4, nor, other than as provided in Section 4(c), shall the amount of any payment hereunder be reduced by any compensation
earned by Executive as a result of subsequent employment. 

  
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 5. Other Terminations. 

If Executive’s service with the Company is terminated by the Company or by Executive for any or no reason other than as a Covered
Termination, then Executive shall not be entitled to any benefits hereunder other than accrued but unpaid salary, bonus, vacation and expense reimbursement in accordance with applicable law and to elect any continued healthcare coverage as may be
required under COBRA or similar state law. 
 6. Deemed Resignation. 

Upon termination of Executive’s employment for any reason, Executive shall be deemed to have resigned from all offices and
directorships, if any, and then held with the Company or any of its affiliates, and, at the Company’s request, Executive shall execute such documents as are necessary or desirable to effectuate such resignations. 

7. Return of Company Property. 
 Executive hereby acknowledges and agrees that all Company Property and equipment furnished to, or prepared by, Executive in the course of, or incident to, Executive’s employment, belongs to the
Company and shall be promptly returned to the Company upon termination of Executive’s employment (and will not be kept in Executive’s possession or delivered to anyone else). For purposes of this Agreement, “Company
Property” includes, without limitation, all books, manuals, records, reports, notes, contracts, lists, blueprints, and other documents, or materials, or copies thereof (including computer files), keys, building card keys, company credit
cards, telephone calling cards, computer hardware and software, cellular and portable telephone equipment, personal digital assistant (PDA) devices, and all other proprietary information relating to the business of the Company or its subsidiaries or
affiliates. Following termination, Executive shall not retain any written or other tangible material containing any proprietary information of the Company or its subsidiaries or affiliates. 

8. Limitation on Payments. 
 Notwithstanding anything in this Agreement to the contrary, if any payment or distribution Executive would receive pursuant to this Agreement or otherwise (“Payment”) would
(a) constitute a “parachute payment” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), and (b) but for this sentence, be subject to the excise tax imposed by
Section 4999 of the Code (the “Excise Tax”), then such Payment shall either be (i) delivered in full or (ii) delivered as to such lesser extent which would result in no portion of such Payment being subject to the
Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the Excise Tax, results in the receipt by Executive on an after-tax basis, of the largest payment, notwithstanding that all
or some portion the Payment may be taxable under Section 4999 of the Code. The accounting firm engaged by the Company for general audit purposes as of the day prior to the effective date of the Change in Control shall perform the foregoing
calculations. The Company shall bear all expenses with respect to the determinations by such accounting firm required to be made hereunder. The accounting firm shall provide its calculations to the Company and Executive within fifteen
(15) calendar days after the date on which Executive’s right to a Payment is triggered (if requested at that time by the Company or Executive) or such other 

  
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time as requested by the Company or Executive. Any good faith determinations of the accounting firm made hereunder shall be final, binding and conclusive upon the Company and Executive. Any
reduction in payments and/or benefits pursuant to this Section 8 will occur in the following order: (1) reduction of cash payments; (2) cancellation of accelerated vesting of equity awards other than stock options;
(3) cancellation of accelerated vesting of stock options; and (4) reduction of other benefits payable to Executive. 

9. Definition of Terms. 
 The following terms referred to in this Agreement shall have the following meanings: 
 (a) Cause. “Cause” means (i) Executive’s gross negligence or willful misconduct in the performance of the duties and services required of Executive pursuant to this
Agreement or the Employment Agreement by and between Executive and the Company effective as of January 3, 2013 (the “Employment Agreement”); (ii) Executive has been convicted of a felony; (iii) Executive has willfully
refused to perform the duties and responsibilities required of Executive under this Agreement or the Employment Agreement which remains uncorrected for thirty (30) days following written notice to Executive by the Company of such breach;
(iv) Executive’s involvement in a conflict of interest which is defined as any direct or indirect interest in, connection with, or benefit from any outside activities, particularly commercial activities, which interest might in any way
adversely affect the Company or any of its divisions, or involves a possible conflict of interest determined by the Company and for which the Company makes a determination to terminate the employment of Executive which remains uncorrected for thirty
(30) days following written notice to Executive by the Company of such breach; (v) Executive has willfully engaged in conduct that Executive knows or should know is materially injurious to the Company, or any of their respective divisions;
(vi) Executive’s material breach of any material provision of this Agreement, the Employment Agreement, the Confidential Information Agreement (as defined below) or corporate code or policy which remains uncorrected for thirty
(30) days following written notice to Executive by the Company of such breach; or (vii) Executive violates the Foreign Corrupt Practices Act or other applicable United States law. For purposes of this Section 9(a), an act or failure
to act shall be considered “willful” only if done or omitted to be done without a good faith reasonable belief that such act or failure to act was in the best interests of the Company. 

(b) Change in Control. “Change in Control” means (i) the consummation of a merger or consolidation of the
Company with or into another entity or any other corporate reorganization, unless fifty percent (50%) or more of the combined voting power of the continuing or surviving entity’s equity securities outstanding immediately after such merger,
consolidation or other reorganization is owned by persons who were shareholders of the Company immediately prior to such merger, consolidation or other reorganization, in substantially the same proportions as their ownership of Company stock prior
to the transaction; (ii) the acquisition by any person or entity or group (as defined in the Securities Exchange Act of 1934, as amended) of greater than fifty percent (50%) of the outstanding combined voting power of the Company; or
(iii) the sale, transfer or other disposition of all or substantially all of the Company’s assets. A transaction shall not constitute a Change in Control if (i) its sole purpose is to change the state of the Company’s
incorporation or to 

  
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create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction or (ii) the
surviving or acquiring entity is a publicly traded entity and Executive remains as the Chief Executive Officer of such entity following the transaction that otherwise would have constituted a Change of Control. Notwithstanding the foregoing, a
“Change in Control” must also constitute a “change in control event,” as defined in Treasury Regulation §1.409A-3(i)(5). 
 (c) Change in Control Period. “Change in Control Period” means the twelve (12) month period of time commencing upon a Change in Control. 

(d) Constructive Termination. “Constructive Termination” means Executive’s resignation from employment with
the Company that is effective within one-hundred twenty (120) days after the occurrence, without Executive’s written consent, of any of the following: (i) a material diminution in Executive’s base compensation that is not
proportionately applicable to other officers and key employees of the Company generally; (ii) a material diminution in Executive’s job responsibilities or duties, provided, that any change made solely as the result of the Company
becoming a subsidiary or business unit of a larger company in a Change in Control shall not provide for Executive’s Constructive Termination hereunder; (iii) a material change of at least fifty (50) miles in the geographic location at
which Executive must regularly perform Executive’s services; (iv) a failure for Executive to be elected or re-elected to serve as a member of the Board; (v) the failure of any acquirer of or successor to the Company to assume this
Agreement; or (vi) a material breach of this Agreement or the Employment Agreement. Notwithstanding the foregoing, a resignation shall not constitute a “Constructive Termination” unless the condition giving rise to such resignation
continues more than thirty (30) days following Executive’s written notice of such condition provided to the Company within ninety (90) days of the first occurrence of such condition. 

(e) Covered Termination. “Covered Termination” means the occurrence of a Constructive Termination or the
termination of Executive’s employment by the Company other than for Cause that, in each case and to the extent necessary, constitutes a Separation from Service (as defined below). 

(f) Termination Date. “Termination Date” means the date Executive experiences a Covered Termination. 

10. Assignment and Successors. 
 The Company may assign its rights and obligations under this Agreement to any successor to all or substantially all of the business or the assets of the Company (by merger or otherwise), and may assign or
encumber this Agreement and its rights hereunder as security for indebtedness of the Company and its affiliates. Any successor to the Company (whether direct or indirect and whether by purchase, merger, consolidation, liquidation or otherwise) to
all or substantially all of the Company’s business and/or assets shall assume the obligations under this Agreement and agree expressly to perform the obligations under this Agreement in the same manner and to the same extent as the Company
would be required to perform such obligations in the absence of a succession. For all purposes under this Agreement, the term “Company” shall include any successor to the 

  
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Company’s business and/or assets which executes and delivers the assumption agreement described in this Section 8 or which becomes bound by the terms of this Agreement by operation of
law. This Agreement shall be binding upon and inure to the benefit of the Company, Executive and their respective successors, assigns, personnel and legal representatives, executors, administrators, heirs, distributees, devisees, and legatees, as
applicable. None of Executive’s rights or obligations may be assigned or transferred by Executive, other than Executive’s rights to payments hereunder, which may be transferred only by will or operation of law. 

11. Notices. 
 Any notice, request, claim, demand, document and other communication hereunder to any party shall be effective upon receipt (or refusal of receipt) and shall be in writing and delivered personally or sent
by facsimile or certified or registered mail, postage prepaid (or if it is sent through any other method agreed upon by the parties), as follows: 
 (a) If to the Company: 
  

					
		  	 Company: bebe stores, inc.

		  	 Address: 400 Valley Drive

		  	        Brisbane, CA 94005
		  	 Attn: Board of Directors

		  	 Facsimile:
                    

 (b) If to Executive, at the address set forth on the signature page hereto. 

(c) Or at any other address as any party shall have specified by notice in writing to the other party. 

12. Confidentiality; Non-Disparagement. 
 (a) Confidentiality. Executive shall enter into and abide by the Company’s standard Proprietary Information and Inventions Assignment Agreement (the “Confidential Information
Agreement”). 
 (b) Non-Disparagement. Executive agrees that he shall not disparage, criticize or defame the
Company, its affiliates and their respective affiliates, directors, officers, agents, partners, shareholders or employees, either publicly or privately. The Company agrees that it shall not, and it shall instruct its officers and members of its
Board to not, disparage, criticize or defame Executive, either publicly or privately. Nothing in this Section 12(b) shall have application to any evidence or testimony required by any court, arbitrator or government agency. 

  
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 13. Dispute Resolution. 

Executive and the Company agree that if any dispute, controversy or claim should arise between Executive and the Company (including claims
against its employees, officers, directors, shareholders, agents, successors and assigns) relating or pertaining to or arising out of Executive’s employment with the Company or this Agreement, the dispute will be submitted exclusively to
binding arbitration before a neutral arbitrator conducted in the state of California, in accordance with the commercial rules of the American Arbitration Association then in force. This means that disputes will be decided by an arbitrator rather
than a court or jury, and that both Executive and the Company waive their respective rights to a court or jury trial. Executive understands that the arbitrator’s decision will be final and exclusive, and cannot be appealed. Notwithstanding the
foregoing, each of Executive and the Company agrees to, prior to submitting a dispute under this Agreement to arbitration, submit, for a period of sixty (60) days, to voluntary mediation before a jointly selected neutral third party mediator
under the auspices of JAMS, Los Angeles, resolutions center (or any successor location), pursuant to the procedures of JAMS international mediation rules conducted in the state of California (however, such mediation or obligation to mediate shall
not suspend or otherwise delay any termination or other action of the Company or affect the Company’s other rights). Nothing in this Agreement is intended to prevent either Executive or the Company from obtaining injunctive relief in court to
prevent irreparable harm pending the conclusion of any such arbitration. Notwithstanding anything herein to the contrary, Executive and the Company each have the right to resolve any issue or dispute over intellectual property rights by court action
instead of arbitration. 
 14. Miscellaneous Provisions. 

(a) Section 409A. 
 (i) Separation from Service. Notwithstanding any provision to the contrary in this Agreement, no amount deemed deferred compensation subject to Section 409A of the Code shall be payable
pursuant to Sections 3 or 4 above unless Executive’s termination of employment constitutes a “separation from service” with the Company within the meaning of Section 409A of the Code and the Department of Treasury regulations and
other guidance promulgated thereunder (“Separation from Service”) and, except as provided under Section 14(a)(ii) of this Agreement, any such amount shall not be paid, or in the case of installments, commence payment, until the
sixtieth (60th) day following Executive’s
Separation from Service. Any installment payments that would have been made to Executive during the sixty (60) day period immediately following Executive’s Separation from Service but for the preceding sentence shall be paid to Executive
on the sixtieth (60th) day following Executive’s
Separation from Service and the remaining payments shall be made as provided in this Agreement. 
 (ii) Specified
Employee. Notwithstanding any provision to the contrary in this Agreement, if Executive is deemed at the time of his separation from service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, to the
extent delayed commencement of any portion of the benefits to which Executive is entitled under this Agreement is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of Executive’s
benefits shall not be provided to Executive prior to the earlier of (A) the 

  
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expiration of the six (6)-month period measured from the date of Executive’s Separation from Service or (B) the date of Executive’s death. Upon the first business day following the
expiration of the applicable Code Section 409A(a)(2)(B)(i) period, all payments deferred pursuant to this Section 14(a)(ii) shall be paid in a lump sum to Executive, and any remaining payments due under this Agreement shall be paid as
otherwise provided herein. 
 (iii) Expense Reimbursements. To the extent that any reimbursements payable pursuant to
this Agreement are subject to the provisions of Section 409A of the Code, any such reimbursements payable to Executive pursuant to this Agreement shall be paid to Executive no later than December 31 of the year following the year in which
the expense was incurred, the amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year, and Executive’s right to reimbursement under this Agreement will not be subject to
liquidation or exchange for another benefit. 
 (iv) Installments. For purposes of Section 409A of the Code
(including, without limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), Executive’s right to receive any installment payments under this Agreement shall be treated as a right to receive a series of separate
payments and, accordingly, each such installment payment shall at all times be considered a separate and distinct payment. 

(v) Release. Notwithstanding anything to the contrary in this Agreement, to the extent that any payments due under this Agreement
as a result of Executive’s termination of employment are subject to Executive’s execution and delivery of a Release of Claims, (A) the Company shall deliver the Release of Claims to Executive within ten (10) business days
following the Termination Date, (B) if Executive fails to execute the Release of Claims on or prior to the Release Expiration Date (as defined below) or timely revokes his acceptance of the Release of Claims thereafter, Executive shall not be
entitled to any payments or benefits otherwise conditioned on the Release of Claims, and (C) in any case where the Termination Date and the Release Expiration Date fall in two separate taxable years, any payments required to be made to
Executive that are conditioned on the Release of Claims and are treated as nonqualified deferred compensation for purposes of Section 409A shall be made in the later taxable year. For purposes of this Section 14(a)(v), “Release
Expiration Date” shall mean the date that is twenty-one (21) days following the date upon which the Company timely delivers the Release of Claims to Executive or, in the event that Executive’s termination of employment is “in
connection with an exit incentive or other employment termination program” (as such phrase is defined in the Age Discrimination in Employment Act of 1967), the date that is forty-five (45) days following such delivery date. To the extent
that any payments of nonqualified deferred compensation (within the meaning of Section 409A) due under this Agreement as a result of Executive’s termination of employment are delayed pursuant to this Section 14(a)(v), such amounts
shall be paid in a lump sum on the first payroll date following the date that Executive executes and does not revoke the Release of Claims (and the applicable revocation period has expired) or, in the case of any payments subject to
Section 14(a)(v)(C), on the first payroll period to occur in the subsequent taxable year, if later. 

  
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 (b) Withholding. The Company shall be entitled to withhold from any amounts payable
under this Agreement any federal, state, local or foreign withholding or other taxes or charges which the Company is required to withhold. The Company shall be entitled to rely on an opinion of counsel if any questions as to the amount or
requirement of withholding shall arise. 
 (c) Amendment; Waiver. This Agreement may not be modified, amended, or
terminated except by an instrument in writing, signed by Executive and a duly authorized officer of Company. By an instrument in writing similarly executed, Executive or a duly authorized officer of the Company, as applicable, may waive compliance
by the other party with any specifically identified provision of this Agreement that such other party was or is obligated to comply with or perform; provided, however, that such waiver shall not operate as a waiver of, or estoppel with
respect to, any other or subsequent failure. No failure to exercise and no delay in exercising any right, remedy, or power hereunder preclude any other or further exercise of any other right, remedy, or power provided herein or by law or in equity.

 (d) Entire Agreement. The terms of this Agreement, collectively with the Employment Agreement and the Confidential
Information Agreement, is intended by the Parties to be the final expression of their agreement with respect to the employment of Executive by the Company and supersede all prior understandings and agreements, whether written or oral, including,
without limitation, any severance or change in control benefits in Executive’s offer letter agreement, employment agreement and/or stock option agreement. The parties further intend that this Agreement, collectively with the Employment
Agreement and the Confidential Information Agreement, shall constitute the complete and exclusive statement of their terms and that no extrinsic evidence whatsoever may be introduced in any judicial, administrative, or other legal proceeding to vary
the terms of this Agreement. 
 (e) Choice of Law. The validity, interpretation, construction and performance of this
Agreement shall be governed by the laws of the State of California. 
 (f) Severability. The invalidity or
unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision hereof, which shall remain in full force and effect. 

(g) Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which
together will constitute one and the same instrument. 
 (Signature page follows) 

  
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 IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the
Company by its duly authorized officer, as of the day and year set forth below. 
  

			
	BEBE STORES, INC.
		
	By:	 	 /s/ Cynthia Cohen, 1/3/13

	Name: Cynthia Cohen
	Title: Lead Independent Director, Board of Directors
	
	EXECUTIVE
	
	 /s/ Steve Birkhold

	Steve Birkhold

  

					
	Address:	  		  	
		
	  
	  	
		
	  
	  	

  
 -11-First Agreement to Modify Loan Documents

 Exhibit 10.2 

 
 

 
 FIRST AGREEMENT TO MODIFY LOAN DOCUMENTS 

THIS FIRST AGREEMENT TO MODIFY LOAN DOCUMENTS (“Agreement”), dated as of December 21, 2012, by and between
CALIFORNIA BANK & TRUST, a California banking corporation (“Lender”), and TRI POINTE HOMES, LLC, a Delaware limited liability company (“Borrower”), is made with reference to the following facts: 

RECITALS 
 A. Lender and Borrower previously entered into that certain Amended and Restated Revolving Line of Credit Loan Agreement (Borrowing Base) dated as of May 29, 2012 (as the same has been or may
be amended from time to time, “Loan Agreement”), whereby Lender has extended to Borrower a loan in the maximum principal amount of Twenty Million Dollars ($20,000,000.00), for the purpose of providing Borrower with funds for the
development of residential lots, the construction of existing and future residential home projects within the state of California (individually, a “Qualified Project”, collectively “Qualified Projects”), and the
issuance of letters of credit for the payment of costs incurred or associated with said projects (as the same has been and may be amended from time to time, “Loan”). 

B. The Loan is evidenced by that certain Amended and Restated Construction Loan Promissory Note (Construction Revolving Line of
Credit) dated as of May 29, 2012, in the original face amount of Twenty Million Dollars ($20,000,000.00) (as the same has been or may be amended from time to time, “Note”), in the amount of the Loan. 

C. As Qualified Projects are admitted into the Loan, as provided in the Loan Agreement, Borrower’s obligations under the Loan
shall be secured by, among other things, each and every “Deed of Trust” and certain other “Security Documents” (both as defined in the Loan Agreement) pursuant to which Borrower shall grant to Lender a first and
prior lien on and security interest in all the real and personal property comprising each said Qualified Project. 
 D.
All of the documents evidencing or relating to the Loan, including without limitation the documents evidencing and relating to the modifications to the Loan set forth in this Agreement, collectively shall be referred to as the “Loan
Documents.” All capitalized terms not specifically defined herein shall have the meanings given to such terms in the Loan Agreement. 
 E. Borrower has requested that Lender modify certain terms and conditions of the Loan Documents. 
 F. Lender is willing to consent to the modifications of the Loan Agreement set forth herein subject to the conditions set forth below and in the (i) First Amendment to Deed of Trust (Civita),
(ii) Second Amendment to Deed of Trust (Los Arboles), (iii) Second Amendment to 

 
Deed of Trust (River Walk), (iv) Second Amendment to Deed of Trust (Tamarind), (v) Second Amendment to Deed of Trust (Candera), all of even date herewith (collectively,
“Recorded Amendments”). The date on which all of the conditions set forth herein are satisfied and the Recorded Amendments are recorded in the Official Records of each applicable County in which the underlying Deed of Trust
is recorded, shall be referred to as the “Modification Closing Date.” 
 TERMS AND CONDITIONS

 NOW, THEREFORE, in consideration of the foregoing premises and other valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Recitals. The
preamble, recitals and any exhibits hereto are hereby incorporated into this Agreement. 
 2. Modification of the
Loan Amount. 
 2.1 Increase in the Amount of the Loan. From and after the Modification
Closing Date, the amount of the Loan is increased from the current maximum principal amount of Twenty Million Dollars ($20,000,000.00) to Thirty Million Dollars ($30,000,000.00) (“New Loan Amount”). All references in the Loan
Documents to the amount of the Loan shall be revised to refer to the New Loan Amount set forth herein. 

2.2.Increase in the Amount of the Original Note. As a result of the increase in the amount of the Loan, from
and after the Modification Closing Date, the face amount of the Note shall be increased from the maximum principal amount of Twenty Million Dollars ($20,000,000.00) to the New Loan Amount of Thirty Million Dollars ($30,000,000.00). All references in
the Loan Documents to the face amount of the Note shall be revised to refer to the New Loan Amount set forth herein. 

3. Modification Of Definitions. The following definitions are deleted in its entirety and replaced with the
following or added to the Loan Agreement 
 3.1 The definition of “Commitment Amount” (as defined
in the Loan Agreement) shall be revised as follows: 
 “Commitment Amount” means (a) during
the Initial Line Period, the sum of Thirty Million Dollars ($30,000,000.00), and (b) during the Reduction Period, beginning upon the last day of the first Calendar Quarter following the Initial Line Maturity Date, and on or prior to the last
day of each Calendar Quarter thereafter during the Reduction Period, the Commitment Amount shall be reduced in the amount of Seven Million Five Hundred Thousand Dollars ($7,500,000.00) (each, “Reduced Commitment Amount”), until the
fourth Calendar Quarter at which time the Commitment Amount shall be reduced to zero: 

  
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	 Date
	  	Reduced Commitment Amount	 
	 Initial Line Maturity Date
	  	$	30,000,000.00	  
	 End of First Calendar Quarter
	  	$	22,500,000.00	  
	 End of Second Calendar Quarter
	  	$	15,000,000.00	  
	 End of Third Calendar Quarter
	  	$	7,500,000.00	  
	 End of Fourth Calendar Quarter
	  	$	0.00	  

 3.2 Subsections (b) and (c) of the definition of “Maximum Aggregate Loan
Allocation(s)” (as defined in the Loan Agreement) shall be amended as follows: 
 (b) With
respect to all Lots to be included in the Borrowing Base, (“Lot Concentration Limitation”): 

(1) For all Qualified Projects financed hereunder, the aggregate Loan Allocations for all Lots Under Development
and Developed Lots for all said Qualified Projects (whether Advances have been made and/or have been committed but have not yet advanced) shall not exceed twenty-five percent (40%) of the Commitment Amount (i.e., $12,000,000.00 in the
aggregate); and/or 
 (2) For each and every Qualified Project financed hereunder, the total number of
Lots Under Development and Developed Lots shall not exceed the lesser of: (A) twenty-four (24) months’ appraised absorption per Qualified Project; or (B) twenty-four (24) months’ actual absorption per Project, as
determined by Lender from time to time based upon the actual prior three-month Home sales average for said Qualified Project. 
 (c) With respect to all Spec Homes to be included in the Borrowing Base (“Spec Home Concentration Limitation”): 

(1) For all Qualified Projects financed hereunder, the aggregate Loan Allocations for all Spec Homes for all said
Projects (whether Advances have been made and/or have been committed but have not yet advanced) shall not exceed thirty percent (30%) of the Commitment Amount (i.e., $9,000,000.00 in the aggregate); and/or 

(2) For each and every Qualified Project financed hereunder, the total number of Spec Homes shall not exceed the
lesser of: (A) twelve (12) Spec Homes for the subject Project; (B) four (4) months’ appraised absorption for the subject Project; or (C) four (4) months’ actual absorption for the subject Project, as
determined by Lender from time to time based upon the actual prior three-month Home sales average for said Qualified Project. 

4. Modification of Floor Interest Rate. From and after the Modification Closing Date the
“Floor Interest Rate” (as defined in the Note) shall decrease from the rate of five and one-half percent (5.50%) per annum, to five percent (5.00%) per annum. 

  
 3 

 5. Modification of the Financial Covenants. The financial covenants set
forth in Section 6.15 of the Loan Agreement are hereby deleted in their entirety and replaced with the following: 
 6.15 Financial Covenants. Financial covenants described in this Section 6.15, together with all other financial covenants and restrictions set forth in this Agreement shall be
monitored quarterly by Lender upon receipt of the financial statements to be provided hereunder. 
  

					
	 Covenant Party
	  	 Covenant Type
	  	 Covenant Requirement

	 Borrower
	  	Maximum Total Liabilities-to-Tangible Net Worth Ratio	  	Not in excess of 1.5:1.0
			
	 Borrower
	  	Minimum Tangible Net Worth	  	Not less than the sum of $15,000,000.00 plus 50% of all annual Net Income hereafter realized plus 50% of additional future Capital Contributions
plus 50% of net cash proceeds from any equity offerings in Borrower
			
	 Borrower
	  	Minimum Liquidity	  	Not less than the greater of (i) $5,000,000.00 or (ii) 10% of Total Liabilities

 6.15.1 No Other Debt. Except as approved by Lender, there
shall be no third party Debt on the Property or in any Qualified Project, other than trade debt. Lender shall have the right, but not the obligation, to declare a default under the Loan if there are any material uncured monetary or non-monetary
defaults on any and all trade debt obligations (including without limitation any other loans by Lender) of Borrower, which in Lender’s reasonable judgment will materially impair the ability of Borrower to perform under the terms of this
Agreement, the Note or the Security Documents. 
 6.15.2 No Other Loan Defaults.
Borrower shall not be in default under any “Other Loan.” For purposes of this Section 6.15.2, an “Other Loan” shall mean any loan by Lender, or any affiliate or subsidiary of Lender,
that is made to Borrower. It is the expressed intent of Borrower to cross-default this Loan with any Other Loan, such that (a) any Event of Default under this Loan shall constitute a default under each and every Other Loan, and (b) any
default under each and every Other Loan shall constitute an Event of Default under this Loan.” 
 6. Candera
Homes. In relation to the Qualified Projects entered into the Loan as of the Modification Closing Date, subsection (d) of the definition of “Maximum Aggregate Loan Allocation(s)” (as defined in the Loan Agreement) shall
be deleted and replaced with the following new provision: 

  
 4 

 (d) With respect to the total number of all Homes to be included in
the Borrowing Base, (“Home Concentration Limitation”): 
 (1) For each and every
Qualified Project financed hereunder, the total number of Homes shall not exceed the lesser of: (A) nine (9) months’ appraised absorption per Project, or (B) nine (9) months’ actual absorption per Project, as determined
by Lender from time to time based upon the actual prior three-month Home sales average for said Project; provided, however, that for only the Qualified Project commonly referred to by the parties hereto as “Candera”, and for no
other current Qualified Project or any Future Project, the maximum Home Concentration Limitation shall be increased to a maximum of thirty-two (32) Homes unless and until from and after the Modification Closing Date the Candera Project is
either reappraised and a new appraised absorption amount is determined as provided herein and/or the actual absorption rate decreases below the actual absorption as of the date hereof. 

7. Letter of Credit Line. The following definitions related to the “Letter of Credit Line” (as
defined in the Loan Agreement) shall be deleted in their entirety and replaced by the following new definitions: 

“Letter of Credit Line” shall mean that certain line of credit to be provided under the Loan for the
purposes set forth in Section 2.3 of this Agreement, which line of credit shall not exceed at any time the sum of Three Million Dollars ($3,000,000.00) (“LOC Total Commitment Amount”). The Letter of Credit Line shall be a
revolving line of credit. Prior to the Maturity Date, the Letter of Credit Line may be drawn, repaid and drawn again through individual Advances in repetition, subject to the limitations herein, so long as: 

(1) The sum of (a) the amounts outstanding on the Letter of Credit Line, and (b) the cumulative Letter of
Credit Line amounts that are committed but not yet advanced on the Letter of Credit Line, never exceed the LOC Total Commitment Amount; and 
 (2) The sum of (a) the amounts outstanding on the Loan, and (b) the cumulative Loan amounts that are committed but not yet advanced on the Loan, never exceed the Commitment Amount; and

 (3) No Event of Default has occurred and is continuing. 

Upon the Maturity Date, if the Loan is not renewed as provided herein, all amounts outstanding on the Letter of Credit Line shall be
repaid during the Reduction Period as set forth herein. 
 “LOC Maximum Commitment Amount” shall
mean the amount committed under each Letter of Credit, which sum shall not exceed the sum equal to (a) the lesser of (i) Three Million Dollars ($3,000,000.00) or (ii) ten percent (10%) of the then applicable Commitment Amount,
less (b) any outstanding committed portion of the Letter of Credit Line that Borrower has requested and Lender has approved in its discretion be available for disbursement under the Loan. 

  
 5 

 “LOC Total Commitment Amount” shall mean the sum of all
amounts committed under any Letters of Credit issued hereunder plus all Letter of Credit Advances in the aggregate, which sum shall not exceed Three Million Dollars ($3,000,000.00). 

8. Conditions Precedent. In no event shall Lender have any obligation to close this transaction unless and until all
of the following conditions are satisfied: 
 8.1 No Defaults. There shall be no: (a) uncured, material
default hereunder or under the Loan Documents, (b) continuing representation, covenant or warranty hereunder or under the Loan Documents that is false or misleading in any manner, and (c) event currently existing which, with the passage of
time, will result in a material default or the falsity of any continuing representation, covenant or warranty hereunder or under the Loan Documents. 
 8.2 No Financial Change. There has been no material adverse change in the financial condition of Borrower since the closing of the Loan. 

8.3 Payment of Lender’s Costs. Borrower shall pay all of Lender’s actual out-of-pocket costs and
expenses incurred in connection with the documentation and closing of the modifications to the Loan Documents described herein, including without limitation all attorneys’ fees and other closing fees and costs. 

8.4 Additional Documents. Lender shall have received all additional documents executed by Borrower as
required by Lender in connection with this Agreement. 
 8.5 Title Endorsement. Issuance to Lender
of a CLTA Form 110.5(e) endorsement (or any substantially equivalent endorsement(s) as reasonably approved by Lender) to its ALTA Lender’s Title Policy for the Deed of Trust in form satisfactory to Lender and insuring the continued first
lien priority of the Deed of Trust, except as such exceptions as may be approved by Lender in its sole discretion. 
 9.
Representations and Warranties. Borrower hereby represents and warrants to Lender as follows: 

9.1 No Default. No Event of Default under any of the Loan Documents has occurred that remains uncured, and no event
has occurred which, with the giving of notice or the passage of time, or both, would constitute a default or an Event of Default under any of the Loan Documents. 
 9.2 Representations and Warranties. As of the date hereof, all of the warranties and representations contained in all of the Loan Documents remain true, correct, complete and
accurate. 
 9.3 No Claims or Defenses. As of the date hereof, Borrower has no claims against Lender
nor defenses to the enforcement of any of the Loan Documents in accordance with their respective terms, as amended by this Agreement. 

  
 6 

 9.4 Satisfaction of Conditions. All of the conditions precedent
set forth in this Agreement have been fully satisfied. 
 9.5 No New Liens. Borrower has granted no
liens upon the Property or security interests in the collateral described in the Loan Documents, except for the liens and security interests granted in favor of Lender. 
 10. Further Assurances. Borrower agrees to perform such other and further acts, and to execute such additional documents, agreements, notices or financing statements, as Lender
deems necessary or desirable from time to time to create, preserve, continue, perfect, validate or carry out any of Lender’s rights under this Agreement and the other Loan Documents. 

11. Integration. All rights, remedies, powers and interest provided for Lender herein are in addition to the rights,
remedies, powers and interests provided for Lender in the Loan Documents, the terms and provisions of which are incorporated herein by this reference and made a part hereof. If and to the extent any term or provision hereof is inconsistent with any
term or provision of the Loan Documents, the term or provision of this Agreement shall prevail. 
 12. Entire
Agreement; Amendments. This Agreement and the other Loan Documents contain the entire agreement between Borrower and Lender with respect to the Loan Documents, and all prior negotiations, commitments, understandings and agreements are
superseded by this Agreement and the Loan Documents. No amendment, modification, supplement, extension, termination or waiver of any provision of this Agreement, any Loan Document, or any other agreement executed in connection with any of the
foregoing shall be effective unless in writing and signed by Lender and Borrower, and then only in the specific instance and for the specific purpose given. 
 13. Governing Law. The Loan Documents shall be governed by, and construed and enforced in accordance with, the internal laws of the State of California, without regard to its
conflict of laws principles. 
 14. Section Headings. The section headings of this Agreement are
included for convenience only, and shall not affect the construction or interpretation of any provision of this Agreement. 

15. Attorneys’ Fees. If any action or other proceeding is brought to interpret or enforce any provision
of this Agreement, the prevailing party shall be entitled to recover attorneys’ fees and expenses. 
 16.
Binding Effect. This Agreement and the other Loan Documents shall be binding upon, and shall inure to the benefit of, Borrower and Lender and their respective successors and assigns, or heirs and personal representatives, as
applicable. 
 17. Severability of Provisions. No provision of this Agreement or any other Loan
Document that is held to be inoperative, unenforceable and invalid shall affect the remaining provisions, and this and all provisions of this Agreement and the Loan Documents are hereby declared to be severable. 

  
 7 

 18. Miscellaneous. No reference to this Agreement is necessary
in any instrument or document at any time referring to the Loan Documents. A reference to the Loan Documents shall be deemed a reference to such document as modified hereby. 
 19. No Commitment. The furnishing of this Agreement and other modification documents shall in no way be construed as a commitment by Lender to modify, amend, extend or
otherwise alter the Loan Documents. Lender shall be under no obligation to close the transaction evidenced by this Agreement unless this Agreement and all related documents are returned to Lender fully executed by Borrower, and unless this Agreement
is actually executed by Lender and delivered to Borrower. 
 20. No Other Amendments. Except as
expressly amended herein, the Loan Agreement, Note, Environmental Indemnity, any subordination agreement and all of the other Loan Documents remain unmodified and in full force and effect. 

21. Counterparts. This Agreement may be executed in any number of counterparts and by different parties
hereto on separate counterparts, each of which, when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument. 

[The balance of this page is intentionally left blank.] 

  
 8 

 IN WITNESS WHEREOF, this Agreement has been executed by Borrower and Lender as of the date
first above written. 
  

			
	 BORROWER:
  

TRI POINTE HOMES, LLC, a Delaware limited liability company

		
	By:	 	 /s/ Douglas F. Bauer

	Name:	 	Douglas F. Bauer
	Title:	 	Chief Executive Officer
		
	By:	 	 /s/ Michael D. Grubbs

	Name:	 	Michael D. Grubbs
	Title:	 	Chief Financial Officer

  

			
	 LENDER:
  

CALIFORNIA BANK & TRUST, a California banking corporation

		
	By:	 	/s/ Stefanus Junus
	Name:	 	Stefanus Junus
	Title:	 	Vice President

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