Document:

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                                                                    EXHIBIT 10.8

                              SUBLEASE AGREEMENT
                              ------------------

          THIS SUBLEASE AGREEMENT is made effective as of August 31, 1999
between California Casualty Management Company, a California corporation
(hereinafter called "Sublessor") and AUNET Corporation, a California corporation
(hereinafter called "Sublessee").

                                  WITNESSETH

          WHEREAS, Sublessor is the Tenant under a written Office Lease dated as
of March 18, 1998 wherein OTR (hereinafter called "Prime Landlord") leased to
Sublessor certain real property located in 2000 Alameda de las Pulgas, City of
San Mateo, County of San Mateo, State of California.  This Office Lease is
referred to as the "Prime Lease" and is incorporated herein by reference.  Any
term in this Sublease with an initial capital letter, not specifically defined
herein, shall have the meaning given it in the Prime Lease.

          WHEREAS, the Premises under the Prime Lease contains Suite 125
consisting of approximately 3,004 rentable square feet (RSF) in 2000 Alameda de
las Pulgas, San Mateo, California.

          WHEREAS, Sublessor desires to sublease Suite 125 (the "Sublet
Premises") to Sublessee under the terms and conditions contained in this
Sublease Agreement, and Sublessee desires to sublease from Sublessor the Sublet
Premises as set forth in the Prime Lease and as set fort herein.

          NOW THEREFORE, Sublessor and Sublessee agree as follows:

          1.   Sublease.
               --------

               Upon and subject to the terms and conditions of this Sublease and
applicable provisions of the Prime Lease, Sublessor subleases Sublet Premises
consisting of approximately 3,004 RSF in the Premises to Sublessee, and
Sublessee subleases Sublet Premises of the Premises from Sublessor, together
with all easements, appurtenances and amenities necessary or convenient for the
enjoyment of the Premises, to the extent available to Sublessor under the Prime
Lease.

          2.   Term.
               ----

               Unless sooner terminated in accordance with the provisions of
this Sublease, the team of this Sublease shall commence on October 15, 1999 and
terminate on October 14, 2004.

                                       1
<PAGE>

     3.   Delivery of Sublet Premises.
          ---------------------------

          Sublessor shall deliver the Sublet Premises to Sublessee free of
tenants with existing Building systems in good working condition as of the
Commencement Date.

     4.   Rent.
          ----

          (a) Sublessee shall pay to Sublessor monthly rent ("Monthly Rent") for
each month during the Term.  Monthly rent shall be comprised of base monthly
rent plus a pro rata share of Building operating expenses.

          (b) The monthly base full service rental rate for the Term is $3.40
per RSF.  Commencing on the first day of the second year of the Term, and
annually thereafter, the monthly base rent shall increase by 3% per annum.  The
monthly base rent for the term is as follows:

Months                   Monthly Base Rent Full Service
------                   ------------------------------

1-12                                $10,213.60
13-24                               $10,520.01
25-36                               $10,835.61
37-48                               $11,160.68
49-60                               $11,495.50

          (c) In addition to the monthly base rent, Sublessee shall be
responsible for its pro rata share of Building operating expense passthroughs
over a Base Year of 1999.

          (d) Monthly Rent shall be prorated based on actual days elapsed for
any partial calendar month occurring at the delivery of possession of any Space
or at the end of the term of this Sublease.

          (e) Monthly Rent shall be paid by Sublessee to Sublessor without prior
notice or demand in advance on or before the first day of each and every month
during the Term of this Sublease.

          (f) The late fee for delinquent Monthly Rent is $500 per delinquent
installment due plus interest on the delinquent Monthly Rent at the prime rate
(as then published by the Wall Street Journal) plus 2%.  Monthly Rent shall be
considered delinquent if Sublessee fails to pay on or before five (5) days after
the date the Monthly Rent is due.

     5.   Security Deposit/First Month's Rent.
          -----------------------------------

     Concurrent with the execution of this Sublease, Sublessee shall provide
Sublessor with a security deposit in an amount equal to three month's monthly
base rent ($30,640.00), which shall be refunded to Sublessee upon full
satisfaction of the terms and conditions of this Sublease. In

                                       2
<PAGE>

addition, Sublessee shall provide the first month's monthly base rent
($10,213.60) to Sublessor upon execution of this Sublease.

     6.   Sublessee Improvements.
          ----------------------

          Sublessor, at its cost, shall paint the walls, replace damaged ceiling
tiles, and replace the carpets in the Sublet Premises.  Subject to Prime
Landlord's approval, Sublessor shall permit Sublessee to add additional offices
in the Sublet Premises, with Sublessor constructing said offices at Sublessee's
cost.  Any such improvements shall be constructed in accordance with mutually-
acceptable construction drawings.  Whenever Sublessor constructs improvements at
Sublessee's expense, Sublessee shall, prior to construction commencing, provide
Sublessor with a deposit equal to the total estimated cost of constructing the
improvements.

     7.   Use and Condition.
          -----------------

          Sublessee may use the Sublet Premises only for general office purposes
as permitted by the Prime Lease and for no other purpose, Sublessor shall
maintain the Sublet Premises in its current condition, reasonable wear and tear
excepted, from the effective date hereof until the date of delivery of
possession.  To the best of Sublessor's knowledge, there are no material defects
in the Sublet Premises or any reason they cannot be used for the purposes
intended for the term of this Sublease.  Upon expiration of the term of this
Sublease, Sublessee shall return the Sublet Premises to Sublessor in the same
condition as when possession was granted, reasonable wear and tear excepted.

     8.   Assignment and Subletting.
          -------------------------

          (a) Notwithstanding anything to the contrary contained in the Prime
Lease or this Sublease, Sublessee may further sublet or assign this Sublease if
Prime Landlord and Sublessor consent to such subleasing or assignment in
accordance with the Prime Lease.  Consent by Sublessor shall not be unreasonably
withheld.

          (b) Notwithstanding any assignment and assumption by the assignee of
the obligations of Sublessee hereunder, or any subletting, Sublessee shall
remain liable, jointly and severally, with its assignee or sublessee for the
performance and observance of Sublessee's obligations hereunder.

     9.   Administrative Details and Additional Services.
          ----------------------------------------------

          If Sublessee procures any additional services from the Prime Landlord
(such as custodial, maintenance or repair services), Sublessee shall pay Prime
Landlord directly for such additional services.  Except in connection with day-
to-day administrative details and procurement of such additional services and as
otherwise expressly provided herein, Prime Landlord shall not be obligated to
deal directly with Sublessee and Sublessee shall have no landlord-tenant
relationship with Prime Landlord.

                                       3
<PAGE>

     10.  Prime Lease.
          -----------

          (a) Sublessor represents that it is not in default under the Prime
Lease and that, to the best of its knowledge, the Prime Landlord is not in
default thereunder.  Sublessor further represents that the attached redacted
copy of the Prime Lease is a true and correct copy thereof.  This Sublease is
subject and subordinate to the Prime Lease, however, Sublessee has no liability
for non-compliance with the redacted portions of the Prime Lease.  The Prime
Lease shall control any conflict or inconsistency between the terms, covenants
and conditions of this Sublease and the terms, covenants and conditions of the
Prime Lease. All the terms, covenants and conditions contained in the Prime
Lease shall be applicable to this Sublease with the same force and effect as if
Sublessor were the Landlord under the Prime Lease and Sublessee were the Tenant
under the Prime Lease.

          (b) In case of any breach of this Sublease by Sublessee, Sublessor
shall have all the rights against Sublessee as would be available to the Prime
Landlord against the Tenant for Tenant's breach of the Prime Lease.  Any breach
of this Sublease by Sublessee which would constitute a breach of the Prime Lease
if Sublessee were the Tenant under the Prime Lease shall constitute a breach of
the Prime Lease and Prime Landlord may exercise all rights and remedies
available under the Prime Lease against Sublessor and Sublessee, and may enforce
all provisions of this Sublease, including those pertaining to the collection of
Rent.

          (c) This Sublease may not be modified without Prune Landlord's prior
written consent.  Any modification without Prime Landlord's written consent
shall be null and void.

          (d) If the Prime Lease is terminated or Prime Landlord re-enters or
repossesses the Sublet Premises, then Prime Landlord may, at its option, assume
Sublessor's right, title and interest as the Sublessor under this Sublease and,
at Prime Landlord's option, Sublessee will attorn to Prime Landlord.
Notwithstanding any such assumption, Prime Landlord shall: (i) have no
liabilities for any previous acts or omissions of Sublessor under this Sublease;
(ii) not be subject to any existing defense or offset against Sublessor, (iii)
not be bound by any previous modification of this Sublease made without Prime
Landlord's prior written consent, or (iv) have no liabilities for any prepayment
of more than one-month's rent under this Sublease.

     11.  Indemnity.
          ---------

          (a) Sublessee shall not do or permit anything to be done which would
be a breach or default under the Prime Lease or which would cause the Prime
Lease to be terminated or forfeited, and Sublessee shall indemnify, defend and
hold Sublessor harmless from and against any and all claims and losses resulting
from any such breach or default by Sublessee under this Sublease or the Prime
Lease.

                                       4
<PAGE>

          (b)  Sublessor shall indemnify, defend and hold Sublessee harmless
from and against any and all claims and losses resulting from any breach or
default by Sublessor under this Sublease or the Prime Lease.

     12.  Insurance.
          ---------

          (a)  At all times during the Term, Sublessee will carry and maintain,
at Sublessee's expense, the following insurance, in the amounts specified below
or such other amounts as Sublessor may from time to time reasonably request,
with insurance companies and on forms satisfactory to Sublessor:

               (i)   Commercial General Liability "occurrence form," or
equivalent, covering the Premises and operations of the Sublessee, including
personal injury and contractual liability, with combined single limit for bodily
injury and property damage of not less than $1,000,000 per occurrence,
$1,000,000 annual aggregate, naming Sublessor, its agents and employees, Prime
Landlord, its agents and employees and any others specified from time to time by
Sublessor, as Additional insured under such policy. Such policy will be primary
insurance, and any similar insurance which may be purchased by the Sublessor
shall be excess of Sublessee's policy, and not contributory therewith.

               (ii)  Insurance covering all of Sublessee's furniture and
fixtures, machinery, equipment, stock, and any other personal property owned or
used in Sublessee's business in an amount not less than the full replacement
value, against Basic Form Causes of Loss (fire and extended coverage). All
policy proceeds will be used for the repair or replacement of the damaged or
destroyed property.

               (iii) Worker's compensation insurance insuring against and
satisfying Sublessee's obligations and liabilities under the Workers'
Compensation laws of the state of California, including Employer's Liability
insurance with a limit of not less than $1,000,000.

               (iv)  If Sublessee operates owned, hired, or non-owned vehicles
on the project, Automobile Liability insurance with limits not less than
$1,000,000.

          (b)  Sublessee will not do or permit to be done any act or thing upon
the Sublet Premises or the Building which would:

               (i)   jeopardize or be in conflict with fire insurance policies
covering the Building and personal property in the Building;

               (ii)  increase the rate of fire insurance applicable to the
Building to an amount higher than it would otherwise be for general office use;
or

               (iii) Subject Sublessor to any liability or responsibility for
injury to any person or persons or to property by reason of any business or
operation being carried on upon the Premises or in the Building.

                                       5
<PAGE>

          (c)  Certificates of insurance, providing for ten (10) days advance
notice of cancellation, together with copies of the endorsements, when
applicable, naming Sublessor, Prime Landlord and any others specified by
Sublessor as additional insured on General Liability, will be delivered to
Sublessor prior to Sublessee's occupancy of the Premises and from time to time
at least 10 days prior to the expiration of the Term of each such policy.  Such
policies shall be placed with an insurer with an A. M. Bests' Rating of not less
than B+:V.

          (d)  Sublessor and Sublessee each waive any and all rights to recover
against the other and the Prime Landlord, and against the officers, directors,
shareholders or employees of such parties, for any loss or damage to such
waiving party arising from any cause covered by any property insurance carried
by such party, or required by this Sublease to be carried by such party.

     13.  Possession.
          ----------

          If Sublessor fails or is unable to deliver possession on the date
required by this Sublease then rent, additional rent and any other charges with
respect to such space shall abate until Sublessor delivers possession.

     14.  Sites.
          -----

          Sublessee may post signs on or about the Sublet Premises at
Sublessee's sole cost, in accordance with Prime Landlord's signage requirements.

     15.  Alterations.
          -----------

          Sublessee may make alterations or additions to the interior or
exterior of the Sublet Premises if Prime Landlord consents to such alterations
or additions in accordance with the Prime Lease.  Alterations and additions
shall be at Sublessee's sole expense.  Sublessee shall indemnify, defend, and
hold Sublessor harmless from and against any and all claims and losses resulting
from such alterations and additions.  At the expiration or earlier termination
of this Sublease, Sublessee shall remove all of its personal properly located in
or about the Sublet Premises, including, without limitation, (i) its signs, (ii)
all movable furniture, trade fixtures, office equipment, and any of Sublessee's
personal belongings; and (iii) all telecommunication and other communication
cabling, including, without limitation, all copper wiring, coaxial wiring,
ethernet wiring, and fiber optic lines, as well as related conduit and
telecommunications equipment (e.g., routers, switches and relays) installed by
Sublessee beyond the minimum point of entry.  In addition, Sublessee will return
the Sublet Premises to the condition at the time Sublessee took possession,
reasonable wear and tear excepted.

     16.  Parking.
          -------

          Sublessee shall have the non-exclusive right to use unreserved parking
spaces at a ratio of 4 per 1,000 RSF free of charge during the Sublease term.

                                       6
<PAGE>

     17.  Prime Landlord's Consent.
          -------------------------

          This Sublease shall not become effective and binding until Prime
Landlord has executed and delivered its consent thereto in the form attached to
this Sublease.

     18.  Miscellaneous.
          --------------

          18.1   If, within the first 36 months of the Term of this Sublease,
the Prime Lease is terminated and Sublessee is forced to move, Sublessor agrees
to pay for all of Sublessee's moving expenses to a maximum of $30,000.

          18.2   All notices, demands, requests, approvals, payments and other
communications between the parties (collectively "Notices") shall be in writing
at the address set forth below.  Notices shall be sufficiently given if, and
shall be deemed not given unless, deposited in the United States mail postage
prepaid in certified or registered form, return receipt requested, or personally
served or delivered addressed as follows.

     If to Sublessor:

          California Casualty Management Company

          Real Estate Department
          1650 Telstar Drive
          Colorado Springs, CO 80920-1004
          Attn: Manager of Real Estate

     If to Sublessee:

          AUNET Corporation
          2000 Alameda de las Pulgas, Suite 125
          San Mateo CA 94403

     If notices are personally delivered, copies also shall be mailed.  Notices
shall be deemed given when personally served or delivered two days after deposit
with Federal Express, or other similar overnight carrier, or five days after
deposit in the United States mail, postage-paid.

          18.3  The covenants and agreements contained in this Sublease shall
bind and inure to the benefit of Sublessor, Sublessee and their respective
successors and assigns. This Sublease shall be interpreted for all purposes
under California law. The prevailing party in any action arising from this
Sublease shall be entitled to recover reasonable attorneys' fees.

          18.4  All prior understandings and agreements between the parties
respecting the Sublet Premises are merged in this Sublease which alone fully and
completely sets forth the understanding of the parties. This Sublease may not be
changed or amended orally or in any manner other than by a written agreement
signed by the parties, and approved in writing by Prime Landlord.

                                       7
<PAGE>

          18.5  If either party hereto (i) makes a general assignment for the
benefit of creditors, (ii) admits in writing its inability to pay its debts as
they become due, files a petition in bankruptcy, (iii) is adjudicated as
bankrupt or solvent, (iv) files a petition in any proceeding seeking any
reorganization, liquidation, dissolution or similar relief under any law, (v)
files an answer admitting the material allegations of a petition' filed against
it in such proceeding, (vi) seeks, consents to or acquiesces in the appointment
of any trustee, receiver or liquidator, or (vii) within ninety (90) days aver
the commencement of any proceeding against such party seeking any
reorganization, liquidation, dissolution or similar relief, has not been
dismissed or if within ninety days (90) after the appointment without the
consent or acquiescence of such party of any trustee, receiver or liquidator,
such appointment shall not have been vacated, then such party shall be deemed in
default hereunder and the other party may terminate this Sublease at any time
thereafter. In the event Sublessee files for bankruptcy protection, all
remaining payments under this Sublease constitute "rent reserved" under
applicable law.

          18.6  Sublessor and Sublessee acknowledge that Cornish & Carey
Commercial represents Sublessor and that Wayne Mascia Associates represents
Sublessee. All real estate commissions arising from this transaction shall be
paid by Sublessor as part of its agreement with Cornish & Carey Commercial.

IN WITNESS WHEREOF, the parties have executed this Sublease effective as of
the date first set forth above.

     SUBLESSEE:                    AUNET
     ---------                     -----

Date    August 31, 1999                   By:     /s/ Jon Beizer
     -------------------------                 ----------------------------
                                          Its:    Chief Financial Officer
                                               ----------------------------

     SUBLESSOR:                    California Casualty Management Company
     ---------                     --------------------------------------

Date    September 1, 1999                 By:     /s/ Richard P. Muller
     -------------------------                 ----------------------------
                                          Its: Ass't V.P. & Real Estate Manager
                                               --------------------------------

                                       8
<PAGE>

                           CONSENT OF PRIME LANDLORD
                           -------------------------

     1.   OTR, an Ohio general partnership ("Prime Landlord"), landlord under
the Prime Lease, consents to the foregoing Sublease in 2000 Alameda de las
Pulgas, Suite 125, between California Casualty Management Company and AUNET
Corporation; provided, however, that except as specifically provided herein,
this Consent shall not: (1) constitute a waiver, amendment or modification of
any term or condition of the Prime Lease with respect to either Sublessor or
Sublessee; or (2) limit the obligations of Sublessor or the rights of Prime
Landlord under the Lease; or (3) make Prime Landlord a party to the Sublease.

     2.   Prime Landlord represents that (i) it is not in default under the
Prime Lease; (ii) to the best of its knowledge, Sublessor is not in default
under the Prime Lease; (iii) Sublessor has not paid rent for more than one month
in advance; and (iv) Sublessor's last rental payment was made September 7, 1999
for the month of September, 1999.

                                         OTR, an Ohio general partnership

Date    September 13, 1999               By:   /s/ Brian Engstrom
     ---------------------------              ----------------------------------
                                         Its: Senior Asset Management Officer
                                              ----------------------------------

                                       9<PAGE>

                                                                   Exhibit 10.13

                             EMPLOYMENT AGREEMENT

     This AGREEMENT is entered into as of May 5, 2000, by and between David
Holub ("Executive") and iAsiaWorks, Inc., a California corporation (the
"Company").

     1.   Duties and Scope of Employment.
          ------------------------------

          (a) Position and Duties.  For the term of his employment under this
              -------------------
Agreement, the Company agrees to employ Executive in the position of Vice
President of Internet and Data Center Technology.  Executive shall report to the
Company's Chief Executive Officer ("CEO"), and his position will be based at the
Company's corporate headquarters in San Mateo, California.  Executive's duties
will include developing and deploying internet data centers throughout Asia
("Data Centers").  Executive and the CEO shall develop a bonus program entitling
Executive to additional grants based on the timely completion of Data Centers
within budget, as discussed in section 3(b)(ii) below.

          (b) Obligations to the Company.  During the term of his employment,
              --------------------------
Executive shall devote his full business efforts and time to the Company;
provided, however, that this shall not preclude Executive from serving as a
member of the board of directors of up to three other companies to the extent
such other companies do not compete with the Company and to the extent such
service does not materially impact the ability of Executive to fulfill his
obligations to the Company.  Executive shall comply with the Company's policies
and rules, as they may be in effect from time to time during the term of his
employment.

          (c) No Conflicting Obligations.  Executive represents and warrants to
              --------------------------
the Company that he is under no obligations or commitments, whether contractual
or otherwise, that are inconsistent with his obligations under this Agreement.
Executive represents and warrants that he will not use or disclose, in
connection with his employment by the Company, any trade secrets or other
proprietary information or intellectual property in which Executive or any other
person has any right, title or interest and that his employment by the Company
as contemplated by this Agreement will not infringe or violate the rights of any
other person or entity.  Executive represents and warrants to the Company that
he has returned all property and confidential information belonging to any prior
employers.

          (d) Commencement.  The employment of executive by the Company shall be
              ------------
governed by this agreement as of the date first written above (the "Effective
Date").

          (e) Term of Employment.
              ------------------

              (i)    Basic Rule.  The Company agrees to continue Executive's
                     ----------
employment, and Executive agrees to remain in employment with the Company, from
the Commencement Date set forth in Section 1(d) until the date when Executive's
employment terminates pursuant to Subsection (ii) below (the "Employment
Period").  Executive's employment with the Company shall be "at will," which
means that either Executive or the
<PAGE>

Company may terminate Executive's employment at any time, for any reason, with
or Without Cause. Any contrary representations, which may have been made to
Executive shall be superseded by this Agreement. This Agreement shall constitute
the full and complete agreement between Executive and the Company of the "at
will" nature of Executive's employment, which may only be changed in an express
written agreement signed by Executive and a duly authorized officer of the
Company.

                   (ii) Termination.  The Company or Executive may terminate
                        -----------
Executive's employment at any time for any reason (or no reason), and with
"Cause" or "Without Cause," by giving the other party fourteen (14) days' notice
in writing. Executive's employment shall terminate automatically in the event of
his death.

     2.   Cash and Incentive Compensation.
          -------------------------------

               (a) Salary.  The Company shall pay Executive a monthly Base
                   ------
Salary of $12,500, less applicable withholdings and deductions in accordance
with the Company's payroll policies. (The compensation specified in this
Subsection (a), together with any increases in such compensation that the
Company may grant from time to time, are referred to in this Agreement as "Base
Salary.")

               (b) Stock Option.  The unvested shares of Executive's stock
                   ------------
option granted by the Company under the Stock Option Plan, dated _____1995 (the
"Plan") shall continue to vest pursuant to the Plan.

               (c) Bonus.  Executive shall be eligible to earn a bonus based
                   -----
on the completion of Data Centers throughout Asia within time and budget goals
("Target Bonus"). The Target Bonus amount shall be comprised of a cash and stock
option component, according to the goals set forth as follows. If the first
three (3) Data Centers are completed on time and within budget, Executive will
be entitled to receive an additional stock option grant for 50,000 shares of the
Company's common stock. The option grant will be granted at the prevailing
exercise price. For the purposes of this bonus program, there will be three
tranches of Data Centers. Thus, if all of the Data Centers are completed within
the established time and budget goals, Executive will be eligible for stock
option grants for the purchase of a maximum of 150,000 shares of the Company's
common stock. For each tranche of completed Data Centers, Executive shall also
be entitled to receive a cash bonus for $20,000, with a maximum bonus potential
of $60,000. Any additional stock option grants or cash bonuses shall be
determined at the discretion of the Company's CEO. All option grants will be
adjusted accordingly for stock splits and reverse splits such that Executive
shall retain the same value as set forth above.

               (d)  Effect of Termination.
                    ---------------------

                   (i)  Termination Following Change of Control.  If there is a
                        ---------------------------------------
change in control and Executive is terminated "Without Cause" as a result
thereof, then Executive shall receive immediate vesting of all unvested shares.

                   (ii)  Termination Outside a Change of Control.  If the
                         ---------------------------------------
Company terminates Executive's employment "Without Cause" outside a Change of
Control, then

                                       2
<PAGE>

Executive shall receive a lump sum severance payment equal to six (6) months of
his Base Salary and all unvested options shall vest upon termination.

                   (iii) Definitions.
                         -----------

                         (a) "Change of Control."  For all purposes under this
                             --------------------
Agreement, "Change of Control" shall mean (i) a merger or consolidation in which
securities possessing at least fifty percent (50%) of the total combined voting
power of the Corporation's outstanding securities are transferred to a person or
persons different from the persons holding those securities immediately prior to
such transaction, or (ii) the sale, transfer or other disposition of all or
substantially all of the Corporation's assets in complete liquidation or
dissolution of the Corporation.

                         (b) "Good Reason."  For all purposes under this
                             --------------
Agreement, "Good Reason" for Executive's resignation will exist if he resigns
within sixty (60) days of either of the following events: (i) any reduction in
his Base Salary; or (ii) any material reduction in his benefits, provided that
such reduction or change is effected by the Company without his written consent.
A resignation by Executive under any other circumstance or for any other reason
will be a resignation without "Good Reason."

                         (c) Termination for "Cause."  For all purposes under
                             ------------------------
this Agreement, a termination for "Cause" shall mean a good faith determination
by the Company's Board of Directors that Executive's employment be terminated
for any of the following reasons: (i) willful misconduct which materially
damages the Company; (ii) willful failure to attempt to substantially perform
your duties with the Company after a written demand for such performance is
delivered to Executive by the Board of Directors or by the CEO, which
specifically identifies the manner in which the Board of Directors or CEO
believes Executive has not substantially performed his duties, and which
Executive does not remedy within thirty (30) days after receipt of such demand;
(iii) misappropriation of the assets of the Company; or (iv) conviction of, or
a plea of "guilty" or "no contest" to a felony under the laws of the United
States or any state thereof. A termination of Executive's employment in any
other circumstance or for any other reason will be a termination "Without
Cause."

     3.   Vacation and Executive Benefits.  During the term of his employment,
          -------------------------------
Executive shall be eligible for paid vacation, in accordance with the Company's
standard policy for similarly situated employees, as it may be amended from time
to time.  During the term of his employment, Executive shall be eligible to
participate in any employee benefit plans maintained by the Company for
similarly situated employees, subject in each case to the generally applicable
terms and conditions of the plan in question and to the determinations of any
person or committee administering such plan.

     4.   Business Expenses.  During the term of his employment, Executive shall
          -----------------
be authorized to incur necessary and reasonable travel and other business
expenses in connection with his duties hereunder. The Company shall reimburse
Executive for such expenses upon presentation of an itemized account and
appropriate supporting documentation, all in accordance with the Company's
generally applicable policies.

                                       3
<PAGE>

     5.   Non-Solicitation and Non-Disclosure.
          -----------------------------------

               (a) Non-Solicitation.  During the period commencing on the date
                   ----------------
of this Agreement and continuing until the first anniversary of the date when
Executive's employment terminates for any reason, Executive shall not directly
or indirectly, personally or through others, solicit or attempt to solicit (on
Executive's own behalf or on behalf of any other person or entity) for hire any
employee or consultant of the Company or any of the Company's affiliates.

               (b) Non-Disclosure.  As a condition of employment, Executive will
                   --------------
execute the Company's standard Proprietary Information Agreement, a copy of
which is attached.

     6.   Legal Fees.  The Company will pay Executive's reasonable attorneys'
          ----------
fees in connection with negotiating and drafting this Agreement.

     7.   Successors.
          ----------

               (a) Company's Successors.  This Agreement shall be binding upon
                   --------------------
any successor (whether direct or indirect and whether by purchase, lease,
merger, consolidation, liquidation or otherwise) to all or substantially all of
the Company's business and/or assets. For all purposes under this Agreement, the
term "Company" shall include any successor to the Company's business and/or
assets which becomes bound by this Agreement.

               (b) Executive's Successors.  This Agreement and all rights of
                   ----------------------
Executive hereunder shall inure to the benefit of, and be enforceable by,
Executive's personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees and legatees.

     8.   Indemnity.  The Company will indemnify and provide a defense to
          ---------
Executive to the full extent permitted by law and its bylaws with respect to any
claims arising out of the performance of his duties as an employee, director or
officer of the Company. To the same extent, the Company will pay, and subject to
any legal limitations, advance all expenses, including reasonable attorney fees
and costs of court-approved settlements, actually and necessarily incurred by
Executive in connection with the defense of any action, suit or proceeding and
in connection with any appeal, which has been brought against Executive by
reason of his service as an officer, director or agent of the Company, or his
acceptance of this Agreement or the performance of his duties thereunder. The
Company shall use its best efforts to obtain coverage for Executive under a
liability insurance policy or policies that cover the actions of officers and
directors of the Company.

     9.   Arbitration.  Any controversy between the parties hereto involving the
          -----------
construction or application of any terms, covenants or conditions of this
Agreement, or any claims arising out of or relating to this Agreement or the
breach thereof or with your employment with the Company or any termination of
that employment, will be submitted to and settled by final and binding
arbitration in Palo Alto, California, in accordance with the Model Employment
Dispute Resolution Rules of the American Arbitration Association (the "Rules"),
or any other applicable rules of the AAA then in effect. Any arbitrator shall be
selected pursuant to such

                                       4
<PAGE>

Rules and judgment upon the award rendered by the arbitrators may be entered in
any court having jurisdiction thereof.

     10.  Miscellaneous Provisions.
          ------------------------

               (a) Notice.  Notices and all other communications contemplated
                   ------
by this Agreement shall be in writing and shall be deemed to have been duly
given when personally delivered or when mailed by overnight courier, U.S.
registered or certified mail, return receipt requested and postage prepaid.
Mailed notices shall be addressed to Executive at the home address which he most
recently communicated to the Company in writing. In the case of the Company,
mailed notices shall be addressed to its corporate headquarters, and all notices
shall be directed to the attention of its Secretary.

               (b) Modifications and Waivers.  No provision of this Agreement
                   -------------------------
shall be modified, waived or discharged unless the modification, waiver or
discharge is agreed to in writing and signed by Executive and by an authorized
officer of the Company (other than Executive). No waiver by either party of any
breach of, or of compliance with, any condition or provision of this Agreement
by the other party shall be considered a waiver of any other condition or
provision or of the same condition or provision at another time.

               (c) Whole Agreement.  No other agreements, representations or
                   ---------------
understandings (whether oral or written) which are not expressly set forth in
this Agreement have been made or entered into by either party with respect to
the subject matter of this Agreement.  This Agreement, the Proprietary
Information Agreement, and applicable stock option agreements and stock plans,
contain the entire understanding of the parties with respect to the subject
matter hereof.

               (d) Taxes.  All payments made under this Agreement shall be
                   -----
subject to reduction to reflect taxes or other charges required to be withheld
by law.

               (e) Choice of Law.  The validity, interpretation, construction
                   -------------
and performance of this Agreement shall be governed by the laws of the State of
California (except provisions governing the choice of law).

               (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) No Assignment.  This Agreement and all rights and obligations
                   -------------
of Executive hereunder are personal to Executive and may not be transferred or
assigned by Executive at any time. The Company may assign its rights under this
Agreement to any entity that assumes the Company's obligations hereunder in
connection with any sale or transfer of all or a substantial portion of the
Company's assets to such entity.

               (h) Headings.  The headings of the paragraphs contained in this
                   --------
Agreement are for reference purposes only and shall not in any way affect the
meaning or interpretation of any provision of this Agreement.

                                       5
<PAGE>

               (i) Counterparts.  This Agreement may be executed in two or more
                   ------------
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

          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 first above written.

                                        EXECUTIVE

                                          /s/ David Holub
                                        ____________________________________
                                        David Holub

                                        iAsiaworks, Inc.

                                             /s/ Jonathan Beizer
                                        By:_________________________________

                                                CFO, U.S. President
                                        Title:______________________________

                                       6

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