Document:

<PAGE>
                                                                   Exhibit 10.15

                        FIRST AMENDMENT TO OFFICE LEASE

     THIS FIRST AMENDMENT TO OFFICE LEASE (the "Amendment") is made as of the
22nd day of August, 2001, by and between PHXAZ/KIERLAND COMMONS, L.L.C., a
Delaware limited liability company ("Landlord"), and P. F. CHANG'S CHINA BISTRO,
INC., a Delaware corporation ("Tenant").

                                    RECITALS

     A. Landlord and Tenant are parties to that certain Office Lease dated
September 17, 1999 (the "Lease"), under which Tenant leases from Landlord 10,000
rentable square feet as more particularly set forth in Exhibit A to the Lease
(the "Original Premises").

     B. Tenant desires to exercise its expansion option under Section 27.13 of
the Lease to add space to the Premises and the parties desire to make certain
other modifications to the Lease, as more particularly provided in this
Amendment.

                                   AGREEMENT

     Landlord and Tenant agree as follows:

     1. Definitions.  Except as otherwise defined in this Amendment, all
capitalized terms used have the meanings set forth in the Lease.

     2. Additional Space.  Effective as of the Expansion Effective Date, there
is hereby added to and incorporated into the Premises for all purposes for the
balance of the Lease Term (and the Renewal Period if Tenant exercises its
Renewal Option) approximately 5,590 rentable square feet of space as shown on
the attached Exhibit A-1 (the "Expansion Space"), for a total rentable area in
the Premises of 15,590 rentable square feet. The "Expansion Effective Date" is
the date that is 7 days after Tenant's receipt of a certificate of occupancy for
the Expansion Space.

     3. Rent.  On the Expansion Effective Date, Base Rent will be modified to
reflect the addition of the Expansion Space to the Premises by deletion of
Section 1.9 of the Lease and replacement with the following:

     1.9 Base Rent:
<Table>
<Caption>
          Period                    Annual Base Rent    Annual Base Rent    Monthly Payment
                                  Per Rentable Sq. Ft.
--------------------------------------------------------------------------------------------
<S>                               <C>                   <C>                 <C>
Expansion Effective Date through        $21.50             $335,185.00         $27,932.08
         Lease Year 2
--------------------------------------------------------------------------------------------
         Lease Year 3                   $22.50             $350,775.00         $29,231.25
--------------------------------------------------------------------------------------------
         Lease Year 4                   $23.50             $366,365.00         $30,530.42
--------------------------------------------------------------------------------------------
         Lease Year 5                   $24.50             $381,955.00         $31,829.58
--------------------------------------------------------------------------------------------
</Table>

                                       1
<PAGE>
      4.  Tenant Improvement Allowance. Landlord shall provide Tenant with a
Tenant Improvement Allowance of $25.00 per usable square foot of the Expansion
Space to construct improvements to the Expansion Space in accordance with the
terms and conditions of Section 1.18 and Exhibit C to the Lease. The Lease and
Exhibit C are hereby modified to provide that the Tenant Improvements are to be
made solely to the Expansion Space and not to the Original Premises.

      5.  As Is. Subject to performance of the obligations set forth in Section
4 of this Amendment, Tenant accepts the Expansion Space AS IS and Tenant
acknowledges that Tenant has made or had the opportunity to make a complete
inspection of the Expansion Space. Except as set out in Section 4 of this
Amendment, Landlord shall have no obligation to construct or provide alterations
or improvements to the Premises.

      6.  Parking. Pursuant to the terms of Sections 1.19 and 27.13 of the
Lease, Tenant is hereby allocated an additional five parking spaces subject to
all terms and conditions set forth in the Lease and the Rules and Regulations.

      7.  Exercise of Expansion Option. Landlord and Tenant acknowledge that by
entering into this Amendment Tenant has exercised the expansion option for the
Expansion Space and that Tenant has no further expansion options.

      8.  Tenant's Notice Address: Section 1.14 of the Lease is deleted and
replaced with the following:

          Tenant's Notice Address: P.F. Chang's China Bistro, Inc.,
          15210 N. Scottsdale Rd., Ste. 300, Scottsdale, AZ 85254,
          Attn: Marci Rude; with a copy to Lewis & Roca LLP, 40 N.
          Central Ave., Phoenix, AZ 85004-4429, Attn: Ken Van Winkle.

      9.  Landlord's Notice Address. Section 1.15 of the Lease is deleted and
replaced with the following:

          Landlord's Notice and Payment Address: PHXAZ/Kierland
          Commons, L.L.C., c/o Woodbine Southwest Corporation, 15210
          N. Scottsdale Rd., Ste. 200, Scottsdale, AZ 85254, Attn:
          Daniel W. (Buzz) Gosnell.

      10. Broker. Tenant warrants and represents that Tenant has dealt with no
broker in connection with this Amendment. Tenant shall defend, indemnify and
hold Landlord harmless from all claims or liabilities arising from any breach of
the foregoing representation and warranty.

      11. Effect of Amendment. Except as specifically modified by this
Amendment, all of the terms and conditions of the Lease remain unchanged and in
full force and effect.

                                       2
<PAGE>
TENANT:                                     LANDLORD:

P.F. Chang's China Bistro, Inc., a          PHXAZ/Kierland Commons, L.L.C.,
Delaware corporation                        a Delaware limited liability company

                                            By: Woodbine/Kierland Commons, L.P.
                                                a Texas limited partnership,
                                                its general partner

By:    /s/ Robert Vivian                    By: Woodbine Investment Corporation,
      ------------------------                  a Texas corporation,
Name:  Robert Vivian                            its general partner
      ------------------------
Title: President
      ------------------------              By   /s/ Daniel W. Gosnell
                                              ---------------------------------
                                                 Daniel W. Gosnell
                                                 Vice President

                                            Date     8/22/01
                                                -------------------------------

                         LENDER'S CONSENT TO AMENDMENT

     Wells Fargo Bank, National Association hereby consents to the First
Amendment to Office Lease entered into between P.F. Chang's China Bistro, Inc.,
a Delaware corporation, as Tenant, and PHXAZ/Kierland Commons, L.L.C., a
Delaware limited liability company, as Landlord, amending the Office Lease
between Landlord and Tenant dated September 17, 1999.

     Dated:    8/23/01
           -------------------

                                            WELLS FARGO BANK, NATIONAL
                                            ASSOCIATION

                                            By:    /s/ James M. Chuckray
                                                  ---------------------------
                                            Name:  James M. Chuckray
                                                  ---------------------------
                                            Title: Vice President
                                                  ---------------------------

                                       3
<PAGE>
                                  SECOND FLOOR
                            KIERLAND COMMONS -- C1A
                          15210 NORTH SCOTTSDALE ROAD
                                PHOENIX, ARIZONA

                                  [FLOOR PLAN]

                                  EXHIBIT A-1<PAGE>
                                                                   Exhibit 10.17

                          PEI WEI ASIAN DINER, INC.
                           2001 STOCK OPTION PLAN

     1.  ESTABLISHMENT, PURPOSE AND TERM OF PLAN.

          1.1  ESTABLISHMENT. The Pei Wei Asian Diner, Inc. 2001 Stock Option
Plan (the "PLAN") is hereby established effective as of June 5, 2001.

          1.2  PURPOSE. The purpose of the Plan is to advance the interests of
the Participating Company Group and its stockholders by providing an incentive
to attract, retain and reward persons performing services for the Participating
Company Group and by motivating such persons to contribute to the growth and
profitability of the Participating Company Group.

          1.3  TERM OF PLAN. The Plan shall continue in effect until the earlier
of its termination by the Board or the date on which all of the shares of Stock
available for issuance under the Plan have been issued and all restrictions on
such shares under the terms of the Plan and the agreements evidencing Options
granted under the Plan have lapsed. However, all Options shall be granted, if at
all, within ten (10) years from the earlier of the date the Plan is adopted by
the Board or the date the Plan is duly approved by the stockholders of the
Company.

     2.  DEFINITIONS AND CONSTRUCTION.

          2.1  DEFINITIONS. Whenever used herein, the following terms shall
have their respective meanings set forth below:

               (a)  "BOARD" means the Board of Directors of the Company. If one
or more Committees have been appointed by the Board to administer the Plan,
"BOARD" also means such Committee(s).

               (b)  "CODE" means the Internal Revenue Code of 1986, as amended,
and any applicable regulations promulgated thereunder.

               (c)  "COMMITTEE" means the Compensation Committee or other
committee of the Board duly appointed to administer the Plan and having such
powers as shall be specified by the Board. Unless the powers of the Committee
have been specifically limited, the Committee shall have all of the powers of
the Board granted herein, including, without limitation, the power to amend or
terminate the Plan at any time, subject to the terms of the Plan and any
applicable limitations imposed by law.

               (d)  "COMPANY" means Pei Wei Asian Diner, Inc., a Delaware
corporation, or any successor corporation thereto.

               (e)  "CONSULTANT" means a person engaged to provide consulting
or advisory services (other than as an Employee or a Director) to a
Participating Company, provided that the identity of such person, the nature of
such services or the entity to which such

                                       1
<PAGE>
services are provided would not preclude the Company from offering or selling
securities to such person pursuant to the Plan in reliance on either the
exemption from registration provided by Rule 701 under the Securities Act or, if
the Company is required to file reports pursuant to Section 13 or 15(d) of the
Exchange Act, registration on a Form S-8 Registration Statement under the
Securities Act.

     (f)  "DIRECTOR" means a member of the Board or of the board of directors of
any other Participating Company.

     (g)  "DISABILITY" means the inability of the Optionee, in the opinion of a
qualified physician acceptable to the Company, to perform the major duties of
the Optionee's position with the Participating Company Group because of the
sickness or injury of the Optionee.

     (h)  "EMPLOYEE" means any person treated as an employee (including an
Officer or a Director who is also treated as an employee) in the records of a
Participating Company and, with respect to any Incentive Stock Option granted
to such person, who is an employee for purposes of Section 422 of the Code;
provided, however, that neither service as a Director nor payment of a
director's fee shall be sufficient to constitute employment for purposes of the
Plan. The Company shall determine in good faith and in the exercise of its
discretion whether an individual has become or has ceased to be an Employee and
the effective date of such individual's employment or termination of
employment, as the case may be. For purposes of an individual's rights, if
any, under the Plan as of the time of the Company's determination, all such
determinations by the Company shall be final, binding and conclusive,
notwithstanding that the Company or any court of law or governmental agency
subsequently makes a contrary determination.

     (i)  "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended.

     (j)  "FAIR MARKET VALUE" means, as of any date, the value of a share of
Stock or other property as determined by the Board, in its discretion, or by
the Company, in its discretion, if such determination is expressly allocated to
the Company herein, subject to the following:

          (i)  If, on such date, the Stock is listed on a national or regional
securities exchange or market system, the Fair Market Value of a share of Stock
shall be the closing price of a share of Stock (or the mean of the closing bid
and asked prices of a share of Stock if the Stock is so quoted instead) as
quoted on the Nasdaq National Market, The Nasdaq SmallCap Market or such other
national or regional securities exchange or market system constituting the
primary market for the Stock, as reported in The Wall Street Journal or such
other source as the Company deems reliable. If the relevant date does not fall
on a day on which the Stock has traded on such securities exchange or market
system, the date on which the Fair Market Value shall be established shall be
the last day on which the Stock was so traded prior to the relevant date, or
such other appropriate day as shall be determined by the Board, in its
discretion.

                                       2
<PAGE>
          (ii) If, on such date, the Stock is not listed on a national or
regional securities exchange or market system, the Fair Market Value of a share
of Stock shall be as determined by the Board in good faith without regard to any
restriction other than a restriction which, by its terms, will never lapse.

     (k) "INCENTIVE STOCK OPTION" means an Option intended to be (as set forth
in the Option Agreement) and which qualifies as an incentive stock option within
the meaning of Section 422(b) of the Code.

     (l) "INSIDER" means an Officer, a Director of the Company or other person
whose transactions in stock are subject to Section 16 of the Exchange Act.

     (m) "NONSTATUTORY STOCK OPTION" means an Option not intended to be (as set
forth in the Option Agreement) or which does not qualify as an Incentive Stock
Option.

     (n) "OFFICER" means any person designated by the Board as an officer of the
Company.

     (o) "OPTION" means a right to purchase Stock pursuant to the terms and
conditions of the Plan. An Option may be either an Incentive Stock Option or a
Nonstatutory Stock Option.

     (p) "OPTION AGREEMENT" means a written agreement between the Company and an
Optionee setting forth the terms, conditions and restrictions of the Option
granted to the Optionee an any shares acquired upon the exercise thereof. An
Option Agreement may consist of a form of "Notice of Grant of Stock Option" and
a form of "Stock Option Agreement" incorporated therein by reference, or such
other form or forms as the Board may approve from time to time.

     (q) "OPTIONEE" means a person who has been granted one or more Options.

     (r) "PARENT CORPORATION" means any present or future "parent corporation"
of the Company, as defined in Section 424(e) of the Code.

     (s) "PARTICIPATING COMPANY" means the Company or any Parent Corporation or
Subsidiary Corporation.

     (t) "PARTICIPATING COMPANY GROUP" means, at any point in time, all
corporations collectively which are then Participating Companies.

     (u) "RULE 16b-3" means Rule 16-b3 under the Exchange Act, as amended from
time to time, or any successor rule or regulation.

     (v) "SECURITIES ACT" means the Securities Act of 1933, as amended.

                                       3

<PAGE>
          (w) "SERVICE" means an Optionee's employment or service with the
Participating Company Group, whether in the capacity of an Employee, a Director
or a Consultant. An Optionee's Service shall not be deemed to have terminated
merely because of a change in the capacity in which the Optionee renders Service
to the Participating Company Group or a change in the Participating Company for
which the Optionee renders such Service, provided that there is no interruption
or termination of the Optionee's Service. Furthermore, an Optionee's Service
with the Participating Company Group shall not be deemed to have terminated if
the Optionee takes any military leave, sick leave, or other bona fide leave of
absence approved by the Company; provided, however, that if any such leave
exceeds ninety (90) days, on the ninety-first (91st) day of such leave the
Optionee's Service shall be deemed to have terminated unless the Optionee's
right to return to Service with the Participating Company Group is guaranteed by
statute or contract. Notwithstanding the foregoing, unless otherwise designated
by the Company or required by law, a leave of absence shall not be treated as
Service for purposes of determining vesting under the Optionee's Option
Agreement. The Optionee's Service shall be deemed to have terminated either upon
an actual termination of Service or upon the corporation for which the Optionee
performs Service ceasing to be a Participating Company. Subject to the
foregoing, the Company, in its discretion, shall determine whether the
Optionee's Service has terminated and the effective date of such termination.

          (x) "STOCK" means the common stock of the Company, as adjusted from
time to time in accordance with Section 4.2.

          (y) "SUBSIDIARY CORPORATION" means any present or future "subsidiary
corporation" of the Company, as defined in Section 424(f) of the Code.

          (z) "TEN PERCENT OWNER OPTIONEE" means an Optionee who, at the time an
Option is granted to the Optionee, owns stock possessing more than ten percent
(10%) of the total combined voting power of all classes of stock of a
Participating Company within the meaning of Section 422(b)(6) of the code.

     2.2  CONSTRUCTION. Captions and titles contained herein are for convenience
only and shall not affect the meaning or interpretation of any provision of the
Plan.  Except when otherwise indicated by the context, the singular shall
include the plural and the plural shall include the singular. Use of the term
"or" is not intended to be exclusive, unless the context clearly requires
otherwise.

3.   ADMINISTRATION.

     3.1  ADMINISTRATION BY THE BOARD. The Plan shall be administered by the
Board. All questions of interpretation of the Plan or of any Option shall be
determined by the Board, and such determinations shall be final and binding upon
all persons having an interest in the Plan or such Option.

     3.2  AUTHORITY OF OFFICERS. Any Officer shall have the authority to act on
behalf of the Company with respect to any matter, right, obligation,
determination or election

                                       4

<PAGE>

which is the responsibility of or which is allocated to the Company herein,
provided the Officer has apparent authority with respect to such matter, right,
obligation, determination or election.

     3.3  POWERS OF THE BOARD. In addition to any other powers set forth in the
Plan and subject to the provisions of the Plan, the Board shall have the full
and final power and authority, in its discretion:

          (a)  to determine the persons to whom, and the time or times at which,
Options shall be granted and the number of shares of Stock to be subject to each
Option;

          (b)  to designate Options as Incentive Stock Options or Nonstatutory
Stock Options;

          (c)  to determine the Fair Market Value of shares of Stock or other
property;

          (d)  to determine the terms, conditions and restrictions applicable to
each Option (which need not be identical) and any shares acquired upon the
exercise thereof, including, without limitation, (i) the exercise price of the
Option, (ii) the method of payment for shares purchased upon the exercise of the
Option, (iii) the method for satisfaction of any tax withholding obligation
arising in connection with the Option or such shares, including by the
withholding or delivery of shares of stock, (iv) the timing, terms and
conditions of the exercisability of the Option or the vesting of any shares
acquired upon the exercise thereof, (v) the time of the expiration of the
Option, (vi) the effect of the Optionee's termination of Service with the
Participating Company Group on any of the foregoing, and (vii) all other terms,
conditions and restrictions applicable to the Option or such shares not
inconsistent with the terms of the Plan;

          (e)  to approve one or more forms of Option Agreement;

          (f)  to amend, modify, extend, cancel or renew any Option or to waive
any restrictions or conditions applicable to any Option or any shares acquired
upon the exercise thereof;

          (g)  to accelerate, continue, extend or defer the exercisability of
any Option or the vesting of any shares acquired upon the exercise thereof,
including with respect to the period following an Optionee's termination of
Service with the Participating Company Group;

          (h)  to prescribe, amend or rescind rules, guidelines and policies
relating to the Plan, or to adopt supplements to, or alternative versions of,
the Plan, including, without limitation, as the Board deems necessary or
desirable to comply with the laws of, or to accommodate the tax policy or
custom of, foreign jurisdictions whose citizens may be granted Options; and

                                       5

<PAGE>
               (i)  to correct any defect, supply any omission or reconcile any
inconsistency in the Plan or any Option Agreement and to make all other
determinations and take such other actions with respect to the Plan or any
Option as the Board may deem advisable to the extent not inconsistent with the
provisions of the Plan or applicable law.

          3.4  ADMINISTRATION WITH RESPECT TO INSIDERS. With respect to
participation by Insiders in the Plan, at any time that any class of equity
security of the Company is registered pursuant to Section 12 of the Exchange
Act, the Plan shall be administered in compliance with the requirements, if any,
of Rule 16b-3.

          3.5  INDEMNIFICATION. In addition to such other rights of
indemnification as they may have as members of the Board or officers or
employees of the Participating Company Group, members of the Board and any
officers or employees of the Participating Company Group to whom authority to
act for the Board or the Company is delegated shall be indemnified by the
Company against all reasonable expenses, including attorneys' fees, actually and
necessarily incurred in connection with the defense of any action, suit or
proceeding, or in connection with any appeal therein, to which they or any of
them may be a party by reason of any action taken or failure to act under or in
connection with the Plan, or any right granted hereunder, and against all
amounts paid by them in settlement thereof (provided such settlement is approved
by independent legal counsel selected by the Company) or paid by them in
satisfaction of a judgment in any such action, suit or proceeding, except in
relation to matters as to which it shall be adjudged in such action, suit or
proceeding that such person is liable for gross negligence, bad faith or
intentional misconduct in duties; provided, however, that within sixty (60) days
after the institution of such action, suit or proceeding, such person shall
offer to the Company, in writing, the opportunity at its own expense to handle
and defend the same.

     4.   SHARES SUBJECT TO PLAN.

          4.1  MAXIMUM NUMBER OF SHARES ISSUABLE. Subject to adjustment as
provided in Section 4.2, the maximum aggregate number of shares of Stock that
may be issued under the Plan shall be One Hundred Sixty Nine (169) and shall
consist of authorized but unissued or reacquired shares of Stock or any
combination thereof. If an outstanding Option for any reason expires or is
terminated or canceled or if shares of Stock are acquired upon the exercise of
an Option subject to a Company repurchase option and are repurchased by the
Company at the Optionee's exercise price, the shares of Stock allocable to the
unexercised portion of such Option or such repurchased shares of Stock shall
again be available for issuance under the Plan. However, except as adjusted
pursuant to Section 4.2, in no event shall more than One Hundred Sixty Nine
(169) shares of Stock be available for issuance pursuant to the exercise of
Incentive Stock Options (the "ISO SHARE ISSUANCE LIMIT").

          4.2  ADJUSTMENTS FOR CHANGES IN CAPITAL STRUCTURE. In the event of
any stock dividend, stock split, reverse stock split, recapitalization,
combination, reclassification or similar change in the capital structure of the
Company, appropriate adjustments shall be made in the number and class of
shares subject to the Plan and to any outstanding Options, in the ISO Share
Issuance Limit set forth in Section 4.1, and in the exercise price per share of
any outstanding Options. If a majority of the shares which are of the same
class as the shares that are

                                       6

<PAGE>
subject to outstanding Options are exchanged for, converted into, or otherwise
become (whether or not pursuant to an Ownership Change Event, as defined in
Section 8.1) shares of another corporation (the "NEW SHARES"), the Board may
unilaterally amend the outstanding Options to provide that such Options are
exercisable for New Shares. In the event of any such amendment, the number of
shares subject to, and the exercise price per share of, the outstanding Options
shall be adjusted in a fair and equitable manner as determined by the Board, in
its discretion. Notwithstanding the foregoing, any fractional share resulting
from an adjustment pursuant to this Section 4.2 shall be rounded down to the
nearest whole number, and in no event may the exercise price of any Option be
decreased to an amount less than the par value, if any, of the stock subject to
he Option. The adjustments determined by the Board pursuant to this Section 4.2
shall be final, binding and conclusive.

     5.   ELIGIBILITY AND OPTION LIMITATIONS.

          5.1  PERSONS ELIGIBLE FOR OPTIONS. Options may be granted only to
Employees, Consultants, and Directors. For purposes of the foregoing sentence,
"Employees," "Consultants" and "Directors" shall include prospective Employees,
prospective Consultants and prospective Directors to whom Options are granted
in connection with written offers of an employment or other service
relationship with the Participating Company Group. Eligible persons may be
granted more than one (1) Option. However, eligibility in accordance with this
Section shall not entitle any person to be granted an Option, or, having been
granted an Option, to be granted an additional Option.

          5.2  OPTION GRANT RESTRICTIONS. Any person who is not an Employee on
the effective date of the grant of an Option to such person may be granted only
a Nonstatutory Stock Option. An Incentive Stock Option granted to a prospective
Employee upon the condition that such person become an Employee shall be deemed
granted effective on the date such person commences Service with a
Participating Company, with an exercise price determined as of such date in
accordance with Section 6.1.

          5.3  FAIR MARKET VALUE LIMITATION. To the extent that options
designated as Incentive Stock Options (granted under all stock option plans of
the Participating Company Group, including the Plan) become exercisable by an
Optionee for the first time during any calendar year for stock having a Fair
Market Value greater than One Hundred Thousand Dollars ($100,000), the portions
of such options which exceed such amount shall be treated as Nonstatutory Stock
Options. For purposes of this Section 5.3, options designated as Incentive
Stock Options shall be taken into account in the order in which they were
granted, and the Fair Market Value of stock shall be determined as of the time
the option with respect to such stock is granted. If the Code is amended to
provide for a different limitation from that set forth in this Section 5.3,
such different limitation shall be deemed incorporated herein effective as of
the date and with respect to such Options as required or permitted by such
amendment to the Code. If an Option is treated as an Incentive Stock Option in
part and as a Nonstatutory Stock Option in part by reason of the limitation set
forth in this Section 5.3, the Optionee may designate which portion of such
Option the Optionee is exercising. In the absence of such designation, the
Optionee shall be deemed to have exercised the Incentive stock Option portion
of the Option

                                       7

<PAGE>
first. Separate certificates representing each such portion shall be issued upon
the exercise of the Option.

     6.   TERMS AND CONDITIONS OF OPTIONS.

          Options shall be evidenced by Option Agreements specifying the number
of shares of Stock covered thereby, in such form as the Board shall from time
to time establish. No Option or purported Option shall be a valid and binding
obligation of the Company unless evidenced by a fully executed Option
Agreement. Option Agreements may incorporate all or any of the terms of the
Plan by reference and shall comply with and be subject to the following terms
and conditions:

          6.1  EXERCISE PRICE. The exercise price for each Option shall be
established in the discretion of the Board; provided, however, that (a) the
exercise price per share for an Incentive Stock Option shall be not less than
the Fair Market Value of a share of Stock on the effective date of grant of the
Option, (b) The exercise price per share for a Nonstatutory Stock Option shall
be not less than eighty-five percent (85%) of the Fair Market Value of a share
of Stock on the effective date of grant of the Option, and (c) no Option granted
to a Ten Percent Owner Optionee shall have an exercise price per share less than
one hundred ten percent (110%) of the Fair Market Value of a share of Stock on
the effective date of grant of the Option. Notwithstanding the foregoing, an
Option (whether an Incentive Stock Option or a Nonstatutory Stock Option) may be
granted with an exercise price lower than the minimum exercise price set forth
above if such Option is granted pursuant to an assumption or substitution for
another option in a manner qualifying under the provisions of Section 424(a) of
the Code.

          6.2  EXERCISABILITY AND TERM OF OPTIONS. Options shall be exercisable
at such time or times, or upon such event or events, and subject to such terms,
conditions, performance criteria and restrictions as shall be determined by the
Board and set forth in the Option Agreement evidencing such Option; provided,
however, that (a) no Option shall be exercisable after the expiration of ten
(10) years after the effective date of grant of such Option, (b) no Incentive
Stock Option granted to a Ten Percent Owner Optionee shall be exercisable after
the expiration of five (5) years after the effective date of grant of such
Option, (c) no Option granted to a prospective Employee, prospective Consultant
or prospective Director may become exercisable prior to the date on which such
person commences Service with a Participating Company, and (d) with the
exception of an Option granted to an Officer, a Director or a Consultant, no
Option shall become exercisable at a rate less than twenty percent (20%) per
year over a period of five (5) years from the effective date of grant of such
Option, subject to the Optionee's continued Service. Subject to the foregoing,
unless otherwise specified by the Board in the grant of an Option, any Option
granted hereunder shall terminate ten (10) years after the effective date of
grant of the Option, unless earlier terminated in accordance with its
provisions.

          6.3  PAYMENT OF EXERCISE PRICE.

               (a)  FORMS OF CONSIDERATION AUTHORIZED. Except as otherwise
provided below, payment of the exercise price for the number of shares of Stock
being purchased pursuant to any Option shall be made (i) in cash, by check or
cash equivalent, (ii) by tender to

                                       8
<PAGE>
the Company, or attestation to the ownership, of shares of Stock owned by the
Optionee having a Fair Market Value not less than the exercise price, (iii) by
delivery of a properly executed notice together with irrevocable instructions
to a broker providing for the assignment to the Company of the proceeds of a
sale or loan with respect to some or all of the shares being acquired upon the
exercise of the Option (including, without limitation, through an exercise
complying with the provisions of Regulation T as promulgated from time to time
by the Board of Governors of the Federal Reserve System) (a "CASHLESS
EXERCISE"), (iv) provided that the Optionee is an Employee (unless otherwise
not prohibited by law, including, without limitation, any regulation
promulgated by the Board of Governors of the Federal Reserve System) and in the
Company's sole discretion at the time the Option is exercised, by delivery of
the Optionee's promissory note in a form approved by the Company for the
aggregate exercise price, provided that, if the Company is incorporated in the
State of Delaware, the Optionee shall pay in cash that portion of the aggregate
exercise price not less than the par value of the shares being acquired, (v) by
such other consideration as may be approved by the Board from time to time to
the extent permitted by applicable law, or (vi) by any combination thereof. The
Board may at any time or from time to time, by approval of or by amendment to
the standard forms of Option Agreement described in Section 7, or by other
means, grant Options which do not permit all of the foregoing forms of
consideration to be used in payment of the exercise price or which otherwise
restrict one or more forms of consideration.

               (b)  LIMITATIONS ON FORMS OF CONSIDERATION.

                    (i)       TENDER OF STOCK. Notwithstanding the foregoing,
an Option may not be exercised by tender to the Company, or attestation to the
ownership, of shares of Stock to the extent such tender or attestation would
constitute a violation of the provisions of any law, regulation or agreement
restricting the redemption of the Company's stock. Unless otherwise provided by
the Board, an Option may not be exercised by tender to the Company, or
attestation to the ownership, of shares of Stock unless such shares either have
been owned by the Optionee for more than six (6) months (and not used for
another Option exercise by attestation during such period) or were not acquired,
directly or indirectly, from the Company.

                    (ii)      CASHLESS EXERCISE. The Company reserves, at any
and all times, the right, in the Company's sole and absolute discretion, to
establish, decline to approve or terminate any program or procedures for the
exercise of Options by means of a Cashless Exercise.

                    (iii)     PAYMENT BY PROMISSORY NOTE. No promissory note
shall be permitted if the exercise of an Option using a promissory note would be
a violation of any law. Any permitted promissory note shall be on such terms as
the Board shall determine. The Board shall have the authority to permit or
require the Optionee to secure any promissory note used to exercise an Option
with the shares of Stock acquired upon the exercise of the Option or with other
collateral acceptable to the Company. Unless otherwise provided by the Board, if
the Company at any time is subject to the regulations promulgated by the Board
of Governors of the Federal Reserve System or any other governmental entity
affecting the extension of credit in connection with the Company's securities,
any promissory note shall comply with such

                                       9

<PAGE>
applicable regulations, and the Optionee shall pay the unpaid principal and
accrued interest, if any, to the extent necessary to comply with such
applicable regulations.

     6.4  TAX WITHHOLDING. The Company shall have the right, but not the
obligation, to deduct from the shares of Stock issuable upon the exercise of an
Option, or to accept from the Optionee the tender of, a number of whole shares
of Stock having a Fair Market Value, as determined by the Company, equal to all
or any part of the federal, state, local and foreign taxes, if any, required by
law to be withheld by the Participating Company Group with respect to such
Option or the shares acquired upon the exercise thereof. Alternatively or in
addition, in its discretion, the Company shall have the right to require the
Optionee, through payroll withholding, cash payment or otherwise, including by
means of a Cashless Exercise, to make adequate provision for any such tax
withholding obligations of the Participating Company Group arising in connection
with the Option or the shares acquired upon the exercise thereof. The Fair
Market Value of any shares of Stock withheld or tendered to satisfy any such tax
withholding obligations shall not exceed the amount determined by the applicable
minimum statutory withholding rates. The Company shall have no obligation to
deliver shares of Stock or to release shares of Stock from an escrow established
pursuant to the Option Agreement until the Participating Company Group's tax
withholding obligations have been satisfied by the Optionee.

     6.5  REPURCHASE RIGHTS. Shares issued under the Plan may be subject to a
right of first refusal, one or more repurchase options, or other conditions and
restrictions as determined by the Board in its discretion at the time the
Option is granted. The Company shall have the right to assign at any time any
repurchase right it may have, whether or not such right is then exercisable, to
one or more persons as may be selected by the Company. Upon request by the
Company, each Optionee shall execute any agreement evidencing such transfer
restrictions prior to the receipt of shares of Stock hereunder and shall
promptly present to the Company any and all certificates representing shares of
Stock acquired hereunder for the placement on such certificates of appropriate
legends evidencing any such transfer restrictions.

     6.6  EFFECT OF TERMINATION OF SERVICE.

          (a)  OPTION EXERCISABILITY. Subject to earlier termination of the
Option as otherwise provided herein and unless otherwise provided by the Board
in the grant of an Option and set forth in the Option Agreement, an Option
shall be exercisable after an Optionee's termination of Service only during the
applicable time period determined in accordance with this Section 6.6 and
thereafter shall terminate:

               (i)  DISABILITY. If the Optionee's Service terminates because of
the Disability of the Optionee, the Option, to the extent unexercised and
exercisable on the date on which the Optionee's Service terminated, may be
exercised by the Optionee (or the Optionee's guardian or legal representative)
at any time prior to the expiration of twelve (12) months (or such longer period
of time as determined by the Board, in its discretion) after the date on which
the Optionee's Service terminated, but in any event no later than the date of
expiration of the Option's term as set forth in the Option Agreement evidencing
such Option (the "OPTION EXPIRATION DATE").

                                       10

<PAGE>
                    (ii)  DEATH. If the Optionee's Service terminates because of
the death of the Optionee, the Option, to the extent unexercised and exercisable
on the date on which the Optionee's Service terminated, may be exercised by the
Optionee's legal representative or other person who acquired the right to
exercise the Option by reason of the Optionee's death at any time prior to the
expiration of twelve (12) months (or such longer period of time as determined by
the Board, in its discretion) after the date on which the Optionee's Service
terminated, but in any event no later than the Option Expiration Date. The
Optionee's Service shall be deemed to have terminated on account of death if the
Optionee dies within three (3) months (or such longer period of time as
determined by the Board, in its discretion) after the Optionee's termination of
Service.

                   (iii)  TERMINATION AFTER CHANGE IN CONTROL. The Board may,
in its discretion, provide in any Option Agreement that if the Optionee's
Service ceases as a result of "Termination After Change in Control" (as defined
in such Option Agreement), then (1) the Option, to the extent unexercised and
exercisable on the date on which the Optionee's Service terminated, may be
exercised by the Optionee (or the Optionee's guardian or legal representative)
at any time prior to the expiration of six (6) months (or such longer period of
time as determined by the Board, in its discretion) after the date on which the
Optionee's Service terminated, but in any event no later than the Option
Expiration Date, and (2) the exercisability and vesting of the Option and any
shares acquired upon the exercise thereof shall be accelerated effective as of
the date on which the Optionee's Service terminated to such extent, if any, as
shall have been determined by the Board, in its discretion, and set forth in the
Option Agreement. Notwithstanding the foregoing, if the Company and the other
party to the transaction constituting a Change in Control agree to treat such
transaction as a "pooling-of-interests" for accounting purposes and it is
determined that the provisions or operation of this Section 6.6(a)(iii) would
preclude treatment of such transaction as a "pooling-of-interests" and provided
further that in the absence of the preceding sentence such transaction would be
treated as a "pooling-of-interests," then this Section 6.6(a)(iii) shall be
without force or effect, and the vesting and exercisability of the Option shall
be determined under any other applicable provision of the Plan or the Option
Agreement evidencing such Option.

                    (iv)  OTHER TERMINATION OF SERVICE. If the Optionee's
Service terminates for any reason, except Disability, death or Termination
After Change in Control, the Option, to the extent unexercised and exercisable
by the Optionee on the date on which the Optionee's Service terminated, may be
exercisable by the Optionee at any time prior to the expiration of (3) months
(or such longer period of time as determined by the Board, in its discretion)
after the date on which the Optionee's Service terminated, but in any event no
later than the Option Expiration Date.

               (b)  EXTENSION IF EXERCISE PREVENTED BY LAW. Notwithstanding the
foregoing, if the exercise of an Option within the applicable time periods set
forth in Section 6.6(a) is prevented by the provisions of Section 10 below, the
Option shall remain exercisable until three (3) months (or such longer period
of time as determined by the Board, in its discretion) after the date the
Optionee is notified by the Company that the Option is exercisable, but in any
event no later than the Option Expiration Date.

                                       11
<PAGE>
          (c) EXTENSION IF OPTIONEE SUBJECT TO SECTION 16(b). Notwithstanding
the foregoing, if a sale within the applicable time periods set forth in
Section 6.6(a) of shares acquired upon the exercise of the Option would subject
the Optionee to suit under Section 16(b) of the Exchange Act, the Option shall
remain exercisable until the earliest to occur of (i) the tenth (10th) day
following the date on which a sale of such shares by the Optionee would no
longer be subject to such suit, (ii) the one hundred and ninetieth (190th) day
after the Optionee's termination of Service, or (iii) the Option Expiration
Date.

     6.7 TRANSFERABILITY OF OPTIONS. During the lifetime of the Optionee, an
Option shall be exercisable only by the Optionee or the Optionee's guardian or
legal representative. No Option shall be assignable or transferable by the
Optionee, except by will or by the laws of descent and distribution.
Notwithstanding the foregoing, to the extent permitted by the Board, in its
discretion, and set forth in the Option Agreement evidencing such Option, a
Nonstatutory Stock Option shall be assignable or transferable subject to the
applicable limitations, if any, described in Section 260.140.41 of Title 10 of
the California Code of Regulations, Rule 701 under the Securities Act, and the
General Instructions to Form S-8 Registration Statement under the Securities
Act.

     7. STANDARD FORMS OF OPTION AGREEMENT.

          7.1 OPTION AGREEMENT. Unless otherwise provided by the Board at the
time the Option is granted, an Option shall comply with and be subject to the
terms and conditions set forth in the form of Option Agreement approved by the
Board concurrently with its adoption of the Plan and as amended from time to
time.

          7.2 AUTHORITY TO VARY TERMS. The Board shall have the authority from
time to time to vary the terms of any standard form of Option Agreement
described in this Section 7 either in connection with the grant or amendment of
an individual Option or in connection with the authorization of a new standard
form or forms; provided, however, that the terms and conditions of any such
new, revised or amended standard form or forms of Option Agreement are not
inconsistent with the terms of the Plan.

     8. CHANGE IN CONTROL.

          8.1 DEFINITIONS.

               (a) An "OWNERSHIP CHANGE EVENT" shall, unless otherwise defined
in an Optionee's Option Agreement, be deemed to have occurred if any of the
following occurs with respect to the Company: (i) the direct or indirect sale
or exchange in a single or series of related transactions by the stockholders
of the Company of more than fifty percent (50%) of the voting stock of the
Company; (ii) a merger or consolidation in which the Company is a party; (iii)
the sale, exchange, or transfer of all or substantially all of the assets of
the Company; or (iv) a liquidation or dissolution of the Company.

               (b) A "CHANGE IN CONTROL" shall, unless otherwise defined in an
Optionee's Option Agreement, mean an Ownership Change Event or a series of
related

                                       12

<PAGE>

Ownership Change Events (collectively, a "TRANSACTION") wherein the
stockholders of the Company immediately before the Transaction do not retain
immediately after the Transaction, in substantially the same proportions as
their ownership of shares of the Company's voting stock immediately before the
Transaction, direct or indirect beneficial ownership of more than fifty percent
(50%) of the total combined voting power of the outstanding voting securities
of the Company or, in the case of a Transaction described in Section
8.1(a)(iii), the corporation or other business entity to which the assets of
the Company were transferred (the "TRANSFEREE"), as the case may be. For
purposes of the preceding sentence, indirect beneficial ownership shall
include, without limitation, an interest resulting from ownership of the voting
securities of one or more corporations or other business entities which own the
Company or the Transferee, as the case may be, either directly or through one
or more subsidiary corporations or other business entities. The Board shall
have the right to determine whether multiple sales or exchanges of the voting
securities of the Company or multiple Ownership Change Events are related, and
its determination shall be final, binding and conclusive.

         8.2  EFFECT OF CHANGE IN CONTROL ON OPTIONS.  In the event of a Change
in Control, the surviving, continuing, successor, or purchasing corporation or
other business entity or parent thereof, as the case may be (the "ACQUIRING
CORPORATION"), may, without the consent of any Optionee, either assume the
Company's rights and obligations under outstanding Options or substitute for
outstanding Options substantially equivalent options for the Acquiring
Corporation's stock. In the event the Acquiring Corporation elects not to assume
or substitute for outstanding Options in connection with a Change in Control,
the exercisability and vesting of each such outstanding Option and any shares
acquired upon the exercise thereof held by Optionees whose Service has not
terminated prior to such date shall be accelerated, effective as of the date ten
(10) days prior to the date of the Change of Control, to such extent, if any, as
shall have been determined by the Board, in its discretion, and set forth in the
Option Agreement evidencing such Option. The exercise or vesting of any Option
and any shares acquired upon the exercise thereof that was permissible solely by
reason of this Section 8.2 and the provisions of such Option Agreement shall be
conditioned upon the consummation of the Change in Control. Any Options which
are neither assumed or substituted for by the Acquiring Corporation in
connection with the Change in Control nor exercised as of the date of the Change
in Control shall terminate and cease to be outstanding effective as of the date
of the Change in Control. Notwithstanding the foregoing, shares acquired upon
exercise of an Option prior to the Change in Control and any consideration
received pursuant to the Change in Control with respect to such shares shall
continue to be subject to all applicable provisions of the Option Agreement
evidencing such Option except as otherwise provided in such Option Agreement.
Furthermore, notwithstanding the foregoing, if the corporation the stock of
which is subject to the outstanding Options immediately prior to an Ownership
Change Event described in Section 8.1(a)(i) constituting a Change in Control is
the surviving or continuing corporation and immediately after such Ownership
Change Event less than fifty percent (50%) of the total combined voting power of
its voting stock is held by another corporation or by other corporations that
are members of an affiliated group within the meaning of Section 1504(a) of the
Code without regard to the provisions of Section 1504(b) of the Code, the
outstanding Options shall not terminate unless the Board otherwise provides in
its discretion.

     9.   PROVISION OF INFORMATION.

                                       13
<PAGE>
          At least annually, copies of the Company's balance sheet and income
statement for the just completed fiscal year shall be made available to each
Optionee and purchaser of shares of Stock upon the exercise of an Option. The
Company shall not be required to provide such information to key employees whose
duties in connection with the Company assure them access to equivalent
information. Furthermore, the Company shall deliver to each Optionee such
disclosures as are required in accordance with Rule 701 under the Securities
Act.

     10.  COMPLIANCE WITH SECURITIES LAW.

          The grant of Options and the issuance of shares of Stock upon exercise
of Options shall be subject to compliance with all applicable requirements of
federal, state and foreign law with respect to such securities. Options may not
be exercised if the issuance of shares of Stock upon exercise would constitute a
violation of any applicable federal, state or foreign securities laws or other
law or regulations or the requirements of any stock exchange or market system
upon which the Stock may then be listed. In addition, no Option may be exercised
unless (a) a registration statement under the Securities Act shall at the time
of exercise of the Option be in effect with respect to the shares issuable upon
exercise of the Option or (b) in the opinion of legal counsel to the Company,
the shares issuable upon exercise of the Option may be issued in accordance with
the terms of an applicable exemption from the registration requirements of the
Securities Act. The inability of the Company to obtain from any regulatory body
having jurisdiction the authority, if any, deemed by the Company's legal counsel
to be necessary to the lawful issuance and sale of any shares hereunder shall
relieve the Company of any liability in respect of the failure to issue or sell
such shares as to which such requisite authority shall not have been obtained.
As a condition to the exercise of any Option, the Company may require the
Optionee to satisfy any qualifications that may be necessary or appropriate, to
evidence compliance with any applicable law or regulation and to make any
representation or warranty with respect thereto as may be requested by the
Company.

     11.  TERMINATION OF AMENDMENT OF PLAN.

          The Board may terminate or amend the Plan at any time. However,
subject to changes in applicable law, regulations or rules that would permit
otherwise, without the approval of the Company's stockholders, there shall be
(a) no increase in the maximum aggregate number of shares of Stock that may be
issued under the Plan (except by operation of the provisions of Section 4.2),
(b) no change in the class of persons eligible to receive Incentive Stock
Options, and (c) no other amendment of the Plan that would require approval of
the Company's stockholders under any applicable law, regulation or rule. No
termination or amendment of the Plan shall affect any then outstanding Option
unless expressly provided by the Board. In any event, no termination or
amendment of the Plan may adversely affect any then outstanding Option without
the consent of the Optionee, unless such termination or amendment is required to
enable an Option designated as an Incentive Stock Option to qualify as an
Incentive Stock Option or is necessary to comply with any applicable law,
regulation or rule.

     12.  STOCKHOLDER APPROVAL.

                                       14

<PAGE>
     The Plan or any increase in the maximum aggregate number of shares of
Stock issuable thereunder as provided in Section 4.1 (the "AUTHORIZED SHARES")
shall be approved by the stockholders of the Company within twelve (12) months
of the date of adoption thereof by the Board. Options granted prior to
stockholder approval of the Plan or in excess of the Authorized Shares
previously approved by the stockholders shall become exercisable no earlier
than the date of stockholder approval of the Plan or such increase in the
Authorized Shares, as the case may be.

                                       15
<PAGE>
                                  PLAN HISTORY
                                  ------------

June 5, 2001        Board adopts Plan, with an initial reserve of One Hundred
                    Sixty Nine (169) shares.

June 5, 2001        Stockholders approve Plan, with an initial reserve of One
                    Hundred Sixty Nine (169) shares.
<PAGE>

                               STANDARD FORMS OF

                           PEI WEI ASIAN DINER, INC.

                        NOTICE OF GRANT OF STOCK OPTION

                                      AND

                            STOCK OPTION AGREEMENTS

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