Document:

REGISTRATION RIGHTS AGREEMENT
                          -----------------------------

         THIS REGISTRATION RIGHTS AGREEMENT is made as of June 20, 2000, by and
between Asia Web Holdings, Inc. (formerly AcuBid.com, Inc.), a Delaware
corporation, (the "Company" or "AWHI") and the Selim K Zilkha Trust ("Zilkha")
pursuant to the Amended and Restated Stock Purchase Agreement, dated March 24,
2000, by and among the Company, AcuBid Acquisition Corp., a Delaware corporation
and a wholly owned subsidiary of AWHI ("Acquisition Corp."), PT. Jaring Data
Interaktif, an Indonesian corporation ("JDI"), and Adisatrya Suryo Sulisto
("Sulisto") (Alanberg Pte. Ltd., a Singapore corporation, ("Alanberg" or
"Seller") having subsequently assumed all of the duties, rights and obligations
of Sulisto under the Amended and Restated Stock Purchase Agreement pursuant to
that certain Sale and Purchase Agreement dated June 12, 2000 between Sulisto and
Alanberg), as amended by Amendment No. 1 to the Amended and Restated Stock
Purchase Agreement dated June 20, 2000 by and among the Company, Acquisition
Corp., JDI and Seller (as amended, the "Purchase Agreement").

                                    RECITALS

         In order to induce Zilkha to invest funds in the Company pursuant to
and in accordance with the terms of the Purchase Agreement, Zilkha and the
Company agree that this Agreement shall govern the rights of Zilkha to cause the
Company to register shares of AWHI common stock, par value $.001 per share (the
"Common Stock"), issuable to Zilkha and certain other matters as set forth
herein. Terms not defined herein shall have the meanings given them in the
Purchase Agreement.

         NOW, THEREFORE, THE PARTIES HERBY AGREE AS FOLLOWS:

         1.  REGISTRATION RIGHTS.  The Company covenants and agrees as follows:

              1.1. DEFINED TERMS. For purposes of this Agreement, the following
terms shall have the following respective meanings:

                  a.  "Act" means the Securities Act of 1933, as amended.

                  b.  "Closing Date" shall mean June 22, 2000.

                  c. "Eligible Shareholders" shall mean Seller, Zilkha and any
Transferee holding Restricted Stock.

                  d. "Exchange Act" shall mean the Securities Act of 1934, as
amended.

                  e. "Holder" shall mean each holder of Restricted Stock for
whom shares are included or proposed to be included in a Registration Statement
filed or to be filed by AWHI and shall include such shares of Seller, Zilkha and
any Transferee.

<PAGE>

                  f. "Market Value" shall be determined in accordance with the
following provisions:

                           1. If the Common Stock is at the time neither Listed
nor admitted to trading on any Stock Exchange nor traded on the NASDAQ National
Market System, then the Market Value shall be the mean between the closing bid
and asked quotations in the over the counter market as reported by the National
Association of Securities Dealers for the 10 trading days immediately prior to
the date of the Includable Shares Notice.

                           2. If the Common Stock is not at the time Listed or
admitted to trading on any Stock Exchange but is traded on the Nasdaq National
Market System or SmallCap Market, the Market Value shall be the closing selling
price per share of Common Stock on the date immediately prior to the date of the
Includable Shares Notice, as the price is reported by the National Association
of Securities Dealers. If there is no closing selling price for the Common Stock
on the date immediately prior to the date of the Includable Shares Notice, then
the Market Value shall be the closing selling price on the last preceding date
for which such quotation exists.

                           3. If the Common Stock is at the time Listed or
admitted to trading on any Stock Exchange, then the Market Value shall be the
closing selling price per share of Common Stock on the date immediately prior to
the date of the Includable Shares Notice on the Stock Exchange determined by the
Company to be the primary market for the Common Stock, as such price is
officially quoted in the composite tape of transactions on such exchange. If
there is no closing selling price for the Common Stock on the date immediately
prior to the date of the Includable Shares Notice, then the Market Value shall
be the closing selling price on the last preceding date for which such quotation
exists.

                  g. "Maximum Includable Underwritten Shares" shall mean the
maximum number of shares of AWHI Common Stock and other classes of stock of AWHI
that a managing or principal underwriter, in its good faith judgment, deems it
practicable to offer and sell at that time in a firm commitment underwritten
offering at a reasonable price.

                  h. "Preferred Stock" means the Series B Convertible Preferred
Stock being purchased by Zilkha pursuant to the Purchase Agreement.

                  i. "Prospectus" shall mean any preliminary prospectus and
final prospectus (as such may be amended or supplemented) which constitutes Part
I of a Registration Statement filed with the SEC.

                  j. "Registration Expenses" shall mean all expenses arising out
of or related to the preparation, filing, amendment and supplementing of a
Registration Statement, including, without limitation, all legal and accounting
fees, transfer agents' and registrars' fees, SEC filing fees, NASD filing fees,
printing costs, registration or qualification fees and expenses to comply with
"blue sky" or other state securities laws, the fees of other experts, and any
expenses or other compensation paid to the underwriters; provided however, that
Registration Expenses shall not include underwriting commissions and discounts
and transfer taxes, if any, payable in connection with the sale of shares of
AWHI Common Stock, and any legal fees for counsel to a Holder.

<PAGE>

                  k. "Restricted Stock" shall mean the shares of AWHI Common
Stock issuable or issued upon conversion of the Preferred Stock or exercise of
the Warrants issued to Zilkha pursuant to the Purchase Agreement and Warrants
and shares of Common Stock issued to Seller pursuant to the Purchase Agreement
(restricted only in terms of the Act), whether held by such persons or by any
Transferee; provided, however, that shares of AWHI Common Stock transferred by
an Eligible Shareholder pursuant to an effective Registration Statement or
amendment thereto, or in a transaction permitted by Rule 144 under the Act, or
any successor rule or regulation, or shares of AWHI Common Stock no longer
subject to any restriction against transferability under the Act, shall not
thereafter be considered Restricted Stock.

                  l.  "SEC" shall mean the U.S. Securities and Exchange
Commission.

                  m. "Transfer" shall include any sale, pledge, assignment,
encumbrance or other disposition of any shares of Restricted Stock or of any
part thereof or interest therein.

                  n. "Transferee" shall mean any person to which Seller or
Zilkha shall Transfer Restricted Stock in compliance with an available exemption
from registration under the Act, to the extent that any of such person's shares
remain Restricted Stock after such Transfer.

                  o. "Warrants" shall mean (i) Warrant No. 1 issued to Zilkha on
June 19, 2000 for the purchase of five million shares of Common Stock at $2.00
per share for the first three years after the Closing Date and $4.00 per share
for an additional two years thereafter, and (ii) Warrant No. 2 for the purchase
of two million shares of Common Stock at $5.00 per share for a period of five
years after the Closing Date.

              1.2.  INCIDENTAL REGISTRATIONS.

                  a. If at any time AWHI proposes to file on its behalf and/or
on behalf of any of its security holders a Registration Statement under the Act
on Form S-1, or on any other form for the general registration of securities to
be sold for cash with respect to any class of equity security (as defined in
Section 3(a)(11) under the Exchange Act), AWHI shall be required to give written
notice to each Eligible Shareholder at least thirty (30) days before the filing
with the SEC of such Registration Statement. The notice shall offer to include
in such filing on the same terms and conditions as the securities proposed to be
included in such Registration Statement of AWHI and/or any of its security
holders such number of shares of Restricted Stock as the Eligible Shareholders
may request, subject to the limitations hereinafter set forth. Those Eligible
Shareholders desiring to have Restricted Stock registered under this Section 1.2
shall be required (i) to so advise AWHI in writing within twenty (20) days after
the date of receipt of such offer from AWHI, setting for the number of shares of
Restricted Stock for which registration is requested, and (ii) to deliver to
AWHI a letter from counsel (who shall be reasonably satisfactory to AWHI) for
those Eligible Shareholders requesting registration to the effect that
registration under the Act of the proposed sale of such Restricted Stock as
required under the Act in order to Transfer such Restricted Stock in the manner
contemplated. AWHI shall thereupon include in such filing subject to the
limitations hereinafter set forth, the Restricted Stock proposed to be offered
for sale by the Eligible Shareholders making such request, on the same terms and

<PAGE>

conditions as the securities proposed to be included in such filing on behalf of
AWHI and/or any of its security holders, and shall use its best efforts to
effect registration under the Act of the sale of such shares.

                  b. The right of the Eligible Shareholders to have Restricted
Stock included in any Registration Statement filed by AWHI in accordance with
the provisions of this Section 1.2 shall be subject to the following limitations
and conditions:

                           i. AWHI shall, in its sole discretion, select the
underwriter or underwriters, if any, who are to undertake the sale and
distribution of the Restricted Stock to be included in a Registration Statement
filed under the provisions of this Section 1.2;

                           ii. In the event the Registration Statement proposed
to be filed by AWHI pursuant to this Section 1.2 shall be, in whole or in part,
for a firm commitment underwritten primary public offering of securities of
AWHI, AWHI shall, as soon as practicable after the expiration of the twenty (20)
day period provided for in Section 1.2(a) furnish each Holder with a written
statement of the managing or principal underwriter as to the Maximum Includable
Underwritten Shares (the "Includable Shares Notice"). If the total number of
shares of AWHI Common Stock and other classes of stock of AWHI proposed to be
included in such underwritten public offering is in excess of the Maximum
Includable Underwritten Shares, the number of shares of Restricted Stock to be
included within the coverage of such Registration Statement and which are to be
underwritten shall be reduced to the Maximum Includable Underwritten Shares as
follows: (A) First, AWHI shall be entitled to include all securities it proposes
to sell; (B) Second, the Eligible Shareholders (on a pro rata basis or as they
otherwise may agree) shall be entitled to include the shares of Restricted Stock
as to which they have requested registration to the extent that such shares,
together with the shares to be included under clause (A), do not exceed the
Maximum Includable Underwritten Shares; and (C) any other security holders with
registration rights shall be entitled to include their securities to the extent
that such securities, together with the shares to be included under clauses (A)
and (B), do not exceed the Maximum Includable Underwritten Shares.

                  c. No reduction shall be made in the number or amount or
securities to be registered for the account of AWHI;

                  d. The right to require incidental registration of shares of
Restricted Stock under this Section 1.2 shall terminate upon the expiration of
five (5) years following the Closing Date.

                  e. Anything contained in this Section 1.2 to the contrary
notwithstanding, the right to require incidental registration of shares of
Restricted Stock hereunder shall not apply to a Registration Statement relating
to an offering solely for the account of security holders of a single
corporation with respect to securities issued or to be issued by AWHI in
connection with the acquisition of the stock or assets, or the merger or
consolidation, of such corporation by or with AWHI, which Registration Statement
is filed by AWHI within ninety (90) days following the closing of such
acquisition.

<PAGE>

                  f. AWHI agrees to furnish each Holder with such number of
copies of the Prospectus as such Holder may reasonably request in order to
facilitate the sale and distribution of his Restricted Stock.

              1.3.  REQUESTED REGISTRATIONS.

                  a. If any Eligible Shareholder proposes, on or after the later
of July 31, 2000 or thirty (30) days after the Closing Date to offer for sale,
sell or transfer any Restricted Stock pursuant to Section 5 of the Act, then
they will give AWHI written notice to that effect specifying the number of
shares proposed to be sold, the identity of the proposed underwriter and the
plan for distribution of such shares. Such notice shall be delivered to AWHI,
together with a letter from counsel (who shall be reasonably satisfactory to
AWHI) for such Eligible Shareholder to the effect that registration under the
Act of the proposed sale of such Restricted Stock is required under the Act in
order to Transfer such Restricted Stock in the manner contemplated.

                  b. If and when AWHI shall be required by the provisions of
this Section 1.3 to effect the registration of any Restricted Stock under the
Act, AWHI will, as expeditiously as possible:

                           i. Give written notice to all Eligible Shareholders,
who were not a party to the aforementioned notice to AWHI requesting
registration of shares, advising them of its intention to effect a proposed
registration and to include in such proposed registration the shares of
Restricted Stock which any such Eligible Shareholder requests AWHI to register,
provided such request is furnished to AWHI in writing within twenty (20) days
after the date of receipt of the aforesaid notice from AWHI.

                           ii. Prepare and file a Registration Statement on Form
S-1, or other form for the general registration of securities as may be
appropriate (giving effect to the plan or distribution of the Restricted Stock
proposed to be Transferred), and use its best efforts to cause such Registration
Statement to become effective in order that the Holders may sell their
Restricted Stock in accordance with their proposed plan of distribution.

                           iii. Prepare and file with the SEC such amendments
and supplements to such Registration Statement and the prospectus used in
connection therewith as may be necessary to keep such Registration Statement
effective and to comply with the provisions of the Act with respect to the offer
of the Restricted Stock covered by such Registration Statement during the period
required by the Holders for distribution of the Restricted Stock; and

                           iv. Furnish to each Holder such number of copies of
the Prospectus as such Holder may reasonably request in order to facilitate the
Transfer of the Restricted Stock.

                  c. The right of the Eligible Shareholders to have Restricted
Stock registered under the Act pursuant to the provisions of this Section 1.3
shall be subject to the following limitations and conditions:

<PAGE>

                           i. If a request for registration is made within
thirty (30) days prior to or following the conclusion of AWHI's then current
fiscal year, AWHI shall have the right to delay the filing of a Registration
Statement for a period of ninety (90) days, or for such a period in time until
AWHI receives its audited financial statements for such fiscal year, whichever
first occurs;

                           ii. In the event that the Holders request to sell
Restricted Stock in an underwritten offering and fifty (50%) percent or more of
the Market Value (as determined in accordance with Section 1.2(b)) of the AWHI
securities proposed to be included in any such Registration Statement shall be
for the account of AWHI and any Shareholders of AWHI other than Eligible
Shareholders, then AWHI shall have the right to select the underwriter or
underwriters to undertake the sale of the stock included in the Registration
Statement. If more than fifty (50%) percent of the Market Value of the AWHI
securities proposed to be included in any such Registration Statement shall be
for the account of Eligible Shareholders, then the Holders shall have the right
to select the underwriter or underwriters who are to undertake the sale and
distribution of Restricted Stock to be included in a Registration Statement
filed under the provisions of this Section 1.3, subject to the prior approval
thereof by AWHI, which approval will not be unreasonably withheld or delayed;

                           iii. The Eligible Shareholders shall not be entitled
to request more than one (1) Registration Statement under the provisions of this
Section 1.3; provided, however, if more than fifty (50%) percent of the Market
Value [(as determined pursuant to Section 1.2(b))] of the AWHI securities
included in any such Registration Statement shall be for the account of AWHI and
any shareholders of AWHI other than Eligible Shareholders, then such
Registration Statement shall not constitute a Registration Statement requested
by Eligible Shareholders for the purpose of this Section 1.3 but shall be deemed
an incidental registration under Section 1.2;

                           iv. Any request for a Registration Statement required
to be filed by AWHI pursuant to this Section 1.3 shall be made by Eligible
Shareholders owning beneficially a minimum of 5,000,000 shares of Restricted
Stock who propose to register up to 17,500,000 shares of Restricted Stock in
such Registration Statement;

                           v. The shares of Restricted Stock referred to in this
Section 1.3 shall be adjusted to reflect any changes in the capitalization of
AWHI through reorganization, re-capitalization, stock split, stock dividend,
combination of shares, merger, consolidation or otherwise;

                           vi. AWHI shall have the right to include any AWHI
securities in any Registration Statement filed by AWHI pursuant to this Section
1.3; provided, however, if the managing underwriter determines that the total
number of AWHI securities proposed to be included in any such Registration
Statement exceeds the Maximum Includable Underwritten Shares, then all of the
AWHI securities proposed to be included in such Registration Statement by AWHI
and by any other shareholders of AWHI, shall be excluded from such Registration
Statement before any shares to be offered by the Holders shall be excluded;
provided, further, if the managing underwriter determines that the number of
AWHI securities proposed to be included in such Registration Statement should be
further reduced, then such reduction shall be pro rata based upon the number of

<PAGE>

shares of AWHI Common Stock which each Holder requested to have registered
(unless the Holders have agreed to a different allocation);

                           vii. AWHI shall not be required to file a
Registration Statement on behalf of any Eligible Shareholder pursuant to the
provisions of this Section 1.3 within a period of six (6) months after the
effective date of any Registration Statement filed by AWHI with respect to which
AWHI complied with the incidental registration provisions of Section 1.2;
provided, however, that AWHI shall have registered all of the shares of
Restricted Stock with respect to which registration was requested by such
Eligible Shareholder and such registration shall have remained effective for a
period of not less than thirty (30) consecutive days (unless all such shares of
Restricted Stock were previously sold pursuant to such registration); and

                           viii. The right to require registration of Restricted
Stock under this Section 1.3 shall terminate upon the expiration of five (5)
years following the Closing Date.

              1.4.  GENERAL.

                   a. AWHI shall have sole control in connection with preparing,
filing, withdrawing, amending or supplementing any Registration Statement under
the Act to be filed on behalf of the Holders.

                   b. AWHI shall use its best efforts to register or qualify the
Restricted Stock covered by any Registration Statement under the Act filed on
behalf of any Holder under such securities or Blue Sky laws in such
jurisdictions as the Holders may reasonably request; provided, however, that
AWHI reserves the right, in its sole discretion, not to register or qualify
shares of Restricted Stock in any jurisdiction where such shares do not meet the
requirements of such jurisdiction, or where registration or qualification would
be contrary to AWHI's best interests.

                   c. In the event any Eligible Shareholder proposed to include
his or its Restricted Stock in any Registration Statement filed pursuant to
Section 1.2 and said Restricted Stock is proposed to be sold in an underwritten
offering, such Eligible Shareholder agrees to enter into an underwriting
agreement containing customary terms and conditions.

              1.5. INDEMNIFICATION. In the event of the registration of any
Restricted Stock under the Act pursuant to the provisions of this Agreement,
AWHI agrees to indemnify and hold harmless the Holder of such Restricted Stock,
each underwriter, if any, of such Restricted Stock, and each person who controls
such Holder or any such underwriter within the meaning of Section 15 of the Act,
from and against any and all losses, claims, damages or liabilities, joint or
several, to which such Holder, underwriter or controlling person may become
subject under the Act or at common law or otherwise, insofar as such losses,
claims, damages or liabilities (or actions in respect thereof) arise out of or
are based upon any untrue statement or alleged untrue statement of any material
fact contained, on the effective date thereof, in any Registration Statement
under which such Restricted Stock was registered under the Act, and Prospectus
contained therein, or any amendment or supplement thereto or arise out of or are

<PAGE>

based upon the omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not
misleading, or (in the case of a Prospectus) necessary to make the statements
therein, in light of the circumstances under which they were made, not
misleading; and will reimburse such Holder, each such underwriter, and each such
controlling person for any legal or any other expenses reasonably incurred by
such Holder, underwriter or controlling person in connection with investigating
or defending any such losses, claim, damages, liability or action; provided,
however, that AWHI will not be liable in any such case to the extent that any
such loss, claim, damage or liability arises out of or is based upon an untrue
statement or alleged untrue statement or omission or alleged omission made in
such Registration Statement, such Prospectus or such amendment or supplement in
reliance upon and in conformity with written information furnished to AWHI by
such Holder, underwriter or controlling person specifically for use in
preparation thereof.

         In the event of the registration of any Restricted Stock under the Act
pursuant to the provisions hereof, each Holder of Restricted Stock, each
underwriter, if any, of such Restricted Stock, and each person who controls such
Holder or any such underwriter within the meaning of Section 15 of the Act,
severally and not jointly agrees to indemnify and hold harmless AWHI, each
person who controls AWHI within the meaning of Section 15 of the Act, each of
its officers who signs the Registration statement and each director of AWHI,
from and against any losses, claims, damages or liabilities, joint or several,
to which AWHI, such controlling person or any such officer or director may
become subject under the Act or at common law or otherwise, insofar as such
losses, claims, damages or liabilities (or actions in respect thereof) arise out
of or are based upon any untrue statement or alleged untrue statement of any
material fact contained, on the effective date thereof, in any Registration
Statement under which such Restricted Stock was registered under the Act, any
Prospectus contained therein, or amendment or supplement thereto, or arise out
of or are based upon the omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein not misleading, or (in the case of a Prospectus) necessary to make the
statements therein, in light of the circumstances under which they were made,
not misleading, which untrue statement or omission or alleged omission was made
therein in reliance upon and in conformity with, written information furnished
to AWHI by such Holder, controlling person or underwriter, specifically for use
in connection with the preparation thereof; and will reimburse AWHI, such
controlling person or each such officer or director for any legal or any other
expenses reasonably incurred by them in connection with investigating or
defending any such loss, claim, damage, liability or action.

         Promptly after receipt by an indemnified party of notice of the
commencement of any action, such indemnified party will, if a claim in respect
thereof is to be made against any indemnifying party, give written notice to
such indemnifying party of the commencement thereof, but the omission so to
notify the indemnifying party will not relieve it from any liability to which it
may have to any indemnified party otherwise than pursuant to the provisions of
this Section 1.5. In case any such action is brought against any indemnified
party, and it notifies any indemnifying party of the commencement thereof, the
indemnifying party will be entitled to participate in, and to the extent that it
may wish, jointly with any other indemnifying party similarly notified, to
assume the defense thereof, with counsel satisfactory to such indemnified party,
and after notice from the indemnifying party to such indemnified party of its

<PAGE>

election so to assume the defense thereof, the indemnifying party will not be
liable to such indemnified party for any legal or other expenses subsequently
incurred by such indemnified party in connection with the defense thereof, other
than the reasonable cost of investigation.

              1.6.  EXPENSES.

                  a. In connection with any incidental registration on behalf of
the Eligible Shareholders of any Restricted Stock under the Act pursuant to the
provisions of Section 1.2 of this Agreement, AWHI shall pay all Registration
Expenses.

                  b. In connection with the requested registration on behalf of
the Eligible Shareholders of any Restricted Stock under the Act pursuant to the
provisions of Section 1.3 of this Agreement, AWHI shall pay all Registration
Expenses, except that the Holders shall pay SEC, NASD and Blue Sky registration
and filing fees attributable solely to inclusion of the Holders' shares of
Restricted Stock in such Registration Statement and the related filings under
Blue Sky laws.

              1.7. TRANSFEREES. In the event that any shares of the Restricted
stock shall at any time be transferred of record by any Eligible Shareholder
other than pursuant to an effective Registration Statement or pursuant to Rule
144 of the Act, the rights herein conferred upon such Eligible Shareholder shall
extend to the transferee of such shares, subject in any event to the limitations
and conditions set forth herein.

              1.8. EXISTING REGISTRATION RIGHTS. Except for the registration
rights provided to Seller pursuant to the Purchase Agreement, AWHI represents
and warrants that the only other outstanding registration rights held by other
security holders of AWHI are (i) incidental or "piggyback" registration rights
granted to holders of the Series A Convertible Preferred Stock, (ii)
registration rights granted to Kurt Bevacqua pursuant to the letter agreement
dated March 1, 1999 between the Company and Kurt Bevacqua, and (iii)
registration rights granted to Tim Berra pursuant to the letter agreement dated
July 12, 1999 between the Company and Tim Berra.

              1.9.  REPLACEMENT RIGHTS. The registration rights granted to
Zilkha hereunder are in lieu of and not in addition to any registration rights
which Zilkha may have under the Purchase Agreement.

         2.  MISCELLANEOUS.

              2.1. SUCCESSORS AND ASSIGNS. Except as otherwise provided herein,
the terms and conditions of this Agreement shall inure to the benefit of and be
binding upon the respective successors and assigns of the parties (including
Transferees of any shares of Restricted Stock). Nothing in this Agreement,
express or implied, is intended to confer upon any party other than the parties
hereto or their respective successors and assigns any rights, remedies,
obligations, or liabilities under or by reason of this Agreement, except as
expressly provided in this Agreement.

              2.2. GOVERNING LAW. This Agreement shall be governed by and
construed under the laws of the State of Delaware (without regard to conflict of
law provisions thereunder).

<PAGE>

              2.3. 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.

              2.4. TITLES AND SUBTITLES. The titles and subtitles used in this
Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement.

<PAGE>

         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first above written.

THE "COMPANY"                                  Asia Web Holdings, Inc.

                                               By:  /s/ Michael Schaffer
                                                    ----------------------------
                                               Name:  Michael Schaffer
                                               Title:  Chief Executive Officer

Address:                                       1947 Camino Vida Roble, Suite 102
                                               Carlsbad, California  9200

With a copy to:                                Patton Boggs LLP
                                               2550 M Street, NW
                                               Washington, D.C.  20037
                                               Attn:  Mary M. Sjoquist, Esq.

"ZILKHA"                                       SELIM K. ZILKHA TRUST

                                               By:  Selim K. Zilkha
                                                    ----------------------------
                                               Name:
                                               Title:

Address:                                       Selim K. Zilkha Trust
                                               c/o Selim K. Zilkha
                                               1001 McKinney, Suite 1900
                                               Houston, TX  77002

With a copy to:                                MSZ Investments, Inc.
                                               1001 McKinney, Suite 1900
                                               Houston, Texas  77002
                                               Attn:  Craig Van De Mark<PAGE>

                                                                    EXHIBIT 4.2

                        WHEREVER.net Holding Corporation

                         2000 EMPLOYEE SHARE OPTION PLAN

1.   Purposes of the Plan

     The purposes of this Share Option Plan (the "Plan") are to attract and
retain the best available personnel for positions of substantial responsibility
and to provide additional incentives to Employees of WHEREVER.net Holding
Corporation and its Subsidiaries.

2.   Definitions

     "Board" shall refer to the Board of Directors of the Company.

     "Cash Settlement Exercise" shall have the meaning ascribed to it in Section
8.3 hereunder.

     "Committee" shall refer to the Compensation Committee appointed by the
Board of the Company pursuant to Section 4.1 hereunder to administer the Plan.

     "Company" shall refer to WHEREVER.net Holding Corporation, a company
incorporated and existing under the laws of Cayman Islands with its registered
office at the offices of KPMG, Genesis Building, Fifth Floor, P.O. Box 448,
George Town, Grand Cayman, Cayman Islands.

     "Continuous Status as an Employee" shall refer to the absence of any
interruption or termination by the Employer or the Employee of the employment
relationship. Continuous Status as an Employee shall not be considered
interrupted in the case of; (1) sick leave; (ii) military leave; (iii) any other
leave of absence approved by the Committee, provided that such leave is for a
period of not more than one hundred and eighty (180) days, unless reemployment
upon the expiration of such leave is guaranteed by contract or statute, or
unless provided otherwise pursuant to the policy of the Employer adopted from
time to time; or (iv) in the case of transfers between locations of the Employer
or between the Subsidiaries.

     "Eligible Employee" shall refer to the Employee who is designated by the
Committee to receive the Option granted under the Plan.

     "Employee" shall refer to any employee, officer, director, advisor or
consultant of the Employer.

     "Employer" shall refer to the Company and/or the Subsidiaries.

     "Exercise Price" shall refer to the Fair Market Value per Share on the date
of grant of an Option.

     "Fair Market Value" shall refer to the value of Shares determined as
follows:

(a)  If the Shares or depositary receipts representing the Shares are listed on
     a stock exchange, its Fair Market Value shall be the closing price per
     Share on the previous day.

In the absence of an established market for the Shares, the Fair Market Value
thereof shall be determined in good faith by the Committee; provided, the Fair
Market Value for shares under
<PAGE>

stock options to Employees who are employed as of April 22, 2000 shall be deemed
to be the price at which the Company prices an initial public offering on the
Nasdaq National Market; provided, further, such initial public offering occurs
prior to June 30, 2000.

     "Option" shall refer to a right to subscribe for Shares granted under this
Plan.

     "Option Agreement" shall refer to the Share Option Agreement entered into
by and between the Company and the Eligible Employee per form and substance of
Exhibit A for granting Options.

     "Plan" shall refer to this WHEREVER.net Holding Corporation 2000 Employee
Share Option Plan.

     "Settlement Price" shall have the meaning ascribed to it in Section 8.3
hereunder.

     "Shares" shall refer to the common shares, par value $0.01 per share, of
the Company or depositary receipts representing such common shares designated by
the Committee for the administration of the Plan.

     "Subsidiaries" shall refer to all directly held and majority-owned
subsidiaries of the Company and of WHEREVER Technology Corporation.

3.   Shares Available for Options

     Unless otherwise provided in the Plan or determined by the Board (with the
approval of the shareholders), the maximum aggregate number of Shares that may
be optioned and sold under the Plan is four million (4,000,000) Shares. Shares
to be delivered under the Plan shall be authorized and issued. If an Option
expires or becomes unexercisable for any reason without being exercised in full,
the unsubscribed Shares subject to such Option shall become available for future
grant under the Plan. Exercise of an Option in any manner shall result in a
decrease in the number of Shares that thereafter may be available, both for
purposes of the Plan and for issue under the Option by the number of Shares as
to which the Option is exercised. The Company, during the term of this Plan,
shall at all times reserve and keep available such number of Shares as shall be
sufficient to satisfy the requirement of the Plan.

4.   Administration of the Plan

4.1  Administration Generally

     The Plan shall be administered by the Committee designated by the Board,
which Committee shall be constituted in such a manner as to satisfy the legal
requirements relating to the administration of the Plan under applicable laws
and regulations. Once appointed, such Committee shall continue to serve in its
designated capacity until otherwise directed by the Board. From time to time the
Board may increase the size of the Committee and appoint additional members,
remove members (with or without cause) and appoint new members in substitution
therefore, fill vacancies, however caused, and remove all members of the
Committee and thereafter directly administer the Plan, to the extent permitted
by the applicable laws and regulations.
<PAGE>

4.2  Powers of the Committee

     Subject to the provisions of the Plan and the authorization given by the
Board, the Committee shall have the authority, in its discretion:

(a)  to determine the Fair Market Value of the Shares, in accordance with the
definition of Fair Market Value as stated in Section 2 of the Plan;

(b)  to select the Employees to whom Options shall be granted hereunder;

(c)  to determine whether and how many Options shall be granted hereunder;

(d)  to approve instruments or documents to be used under the Plan, including
the Option Agreement;

(e)  to determine the terms and conditions, subject to the terms of the Plan, of
any Option granted hereunder (including, but not limited to, vesting schedules
or other conditions or limitations regarding any Option and/or the Shares
relating thereto), provided that the term of the Option (i.e. the period the
Option remains exercisable) shall not exceed ten (10) years from the date the
Option is granted;

(f)  to determine whether and under what circumstances an Option may be
exercised and Shares may be transferred in compliance with the laws of Cayman
Islands;

(g)  to interpret and administer the Plan and any instrument or document
relating to the Plan; and

(h)  to make any other determination and take any other action that the
Committee deems necessary or desirable for the administration of the Plan.

     All decisions, determinations and interpretations of the Committee shall be
final and binding on all persons, including the Company, the Subsidiaries, any
Eligible Employee and any other holder or beneficiary of an Option or the
Employee.

4.3  The Committee may delegate to one or more managerial officers of the
Company or the Subsidiaries or to a committee composed of such managerial
officers the authority to administer the Plan with respect to employees other
than themselves pursuant to the authorization given by the Committee.

4.4  Each Option granted under the Plan shall be evidenced by an Option x
Company specifying the terms and conditions of the Option and any rules
applicable thereto.

5.   Eligibility

5.1  Options may be granted to the Employees of the Employer as determined by
the Committee, pursuant to the Option Agreement executed by the Eligible
Employee and the Company. The Committee shall have sole and complete authority
to determine the Employees to whom Options shall be granted, the number of
Shares to be covered by each Option and the conditions and limitations
applicable to the exercise of the Option.

5.2  No Employee or other persons shall have any claim to be granted any Option,
and the Employee's exercise of any Option is subject to the restrictions imposed
by the Committee as it may deem advisable under the Plan, local laws and
regulations, the requirements of the stock exchange on which the Shares or
depositary receipts representing the Shares are listed and other
<PAGE>

applicable rules, laws and regulations. There is no obligation for the Company
to treat all the Employees, holders or beneficiaries of Options under the same
terms and conditions.

5.3  The eligibility for Options awarded under the Plan is conditioned upon an
Employee's Continuous Status as an Employee and the Options granted under the
Plan are subject to Section 10 of this Plan. However, nothing contained in the
Plan or the Option Agreement nor any Option granted hereunder shall confer upon
any Eligible Employee the right to continuation of employment or consulting
relationship with the Employer or interfere in any way with the Employee's right
or the Employer's right to terminate his employment or consulting relationship
at any time, with or without cause.

6.   Term of Plan

     The Plan shall become effective upon the adoption by the Board of Directors
of the Company. It shall continue in effect until the date on which all Shares
available for issue under the Plan have been issued as fully-vested Shares or
the termination of all outstanding Options in connection with a merger under
Section 9.3, unless earlier terminated under Section 11 of the Plan.

7.   Option Exercise Price and Consideration

7.1  The per share exercise price for the Shares to be issued upon an Eligible
Employee's exercise of an Option shall be the Exercise Price.

7.2  Notwithstanding Section 7.1, the Exercise Price shall be no less than the
par value of a Share.

7.3  The payment of the consideration for the Shares to be issued upon exercise
of an Option shall be paid in cash or other immediately available funds.

7.4  All taxes (including income tax) arising from the exercise of any Option by
an Eligible Employee under the Plan shall be borne by the Eligible Employee. The
Eligible Employee shall be required to pay to the Company or the Subsidiaries
the amount of any applicable withholding taxes arising out of an Option,
including but not limited to the exercise of Options or transfer of shares,
under the Plan; otherwise, the Company or the Subsidiaries shall have the right
and is hereby authorized to withhold from any compensation, amount or value
owing to the Eligible Employee the amount or value equal to the amount of tax
due and to take such other actions as may be necessary in the opinion of the
Company to satisfy all obligations for the payment of such taxes.

8.   Exercise

8.1  An Option shall be exercised in accordance with the terms and conditions
listed in the Option Agreement or otherwise directed by the Committee in
writing. An Option may not be exercised for a fraction of a share. An Option
shall be deemed to be exercised upon the Company's receipt of a written notice
of such exercise made in accordance with the terms of the Option Agreement under
which the Option is granted and the full payment for the Shares to be issued.
The Eligible Employee, holder or the beneficiary of the option are not entitled
to exercise the right to vote or receive dividends or any other rights as a
shareholder with respect to the
<PAGE>

Shares subject to the Option notwithstanding the exercise of the Option until
the issuance (as evidenced by the appropriate entry on the books of the Company)
of the share certificates evidencing such Shares. The Company shall issue (or
cause to be issued) such share certificates promptly upon exercise of the
Option. Notwithstanding any provision contained herein, the Committee and the
Company shall not under any circumstances be held liable for any cost, losses,
expenses and damages arising in any event, including but not limited to, the
Company's reasonable delay in issuing the Shares. The Eligible Employee is not
entitled to any adjustment for dividends or other rights of which the Record
Date is prior to the date the share certificate is issued, unless otherwise
provided in the Plan. For the purpose of this sub-Section, the term "Record
Date" refers to the date fixed by the Company for the purposes of determining
entitlements to dividends or other distributions to or rights of shareholders.

8.2  Conditions Upon Transfer of Shares

     Shares shall not be issued pursuant to the exercise of any Option unless
the exercise of such Option and the delivery of such Shares shall comply with
all relevant provisions of applicable laws and regulations, the requirements of
the stock exchange on which the Shares or depositary receipts representing the
Shares are listed and shall be further subject to the approval of competent
counsel for the Company with respect to such compliance. Each Option shall be
exercisable at such times and subject to such terms and conditions as the
Committee may reasonably specify in the applicable Option Agreement or other
written instruments in relation to the Plan. The Committee may impose such
conditions on the exercise of Options, including, without limitation, any
relating to the application of the local laws and regulations, the requirements
of the stock exchange on which the Shares are listed or other applicable laws or
regulations, as it reasonably deems necessary or advisable. The inability of the
Company to obtain authority from any regulatory body and/or self-regulatory
organization having jurisdiction over the Company or the Subsidiaries, which
authority is deemed by the Company's counsel to be necessary to the lawful sale
of any Shares hereunder, shall relieve the Company of any liability in respect
of the failure to issue such Shares.

8.3  Cash Settlement Exercise

     Notwithstanding any provisions to the contrary, the Committee shall permit
any Eligible Employee, upon exercise, to elect to have his or her Option granted
hereunder to be canceled in consideration of a cash payment of the excess, if
any, of the Settlement Price (as defined below) over the Exercise Price, less
broker's commissions and withholding taxes ("Cash Settlement Exercise"). The
Committee shall retain a broker to sell the number of Shares stipulated pursuant
to a Cash Settlement Exercise by an Eligible Employee as soon as possible
following notice of such the election thereof, and the price or the weighted
average of prices at which all such Shares are sold pursuant to such election
shall be referred to as the "Settlement Price."

9.   Adjustment

9.1  In order to prevent dilution or enlargement of the benefits or potential
benefits intended to be made available to the Employees under the Plan, and
subject to any required action by the shareholders and the Board of the Company
and the terms and conditions of the Plan, the Committee shall adjust the number
of Shares subject to outstanding Options or Options to be granted and the
Exercise Price of any Option in consideration of Options exercised for any
increase or decrease in the number of issued shares resulting from a scrip
dividend, combination or reclassification of the Shares, reorganization, merger,
consolidation, split-up, spin-off, combination, exchange of Shares or other
securities of the Company or other similar events.
<PAGE>

9.2  Upon any adjustment required to be made pursuant to Section 9.1, the
Company shall notify the Eligible Employee in writing and deliver to him a
statement setting forth the exercise or grant price thereafter in effect and the
class and/or number of Shares thereafter to be issued on the exercise of the
Option. Any adjustment shall take effect upon such written notification being
given.

9.3  In the event of the proposed dissolution or liquidation of the Company, the
Board shall notify the Eligible Employee at least 10 days prior to such proposed
action. Options not exercised shall terminate immediately prior to the
consummation of such proposed action. In the event of a merger - or such other
combination allowed under Cayman Law - of the Company with or into another
corporation, the Option shall be assumed or an equivalent option shall be
substituted by such successor corporation. In the event that such successor
corporation does not agree to assume the Option or the substitute of an
equivalent option, all outstanding options will automatically accelerate and
vest in full and Eligible Employees shall be entitled to exercise all their
Options on the date of the proposed merger during a reasonable period of time as
determined by the Committee. The Committee shall notify the Eligible Employees
in writing of the fact that the Option shall be fully exercisable during a given
period of time, and the Options will terminate upon expiration of such period.

10.  Termination of Employment

10.1 Termination by the Eligible Employee without Good Reason. In the event that
Eligible Employee terminates his or her employment without Good Reason, any
unvested stock options shall immediately terminate.

10.2 Termination by the Eligible Employee with Good Reason. In the event that
Eligible Employee terminates his or her employment for Good Reason, any unvested
stock options shall immediately vest in full and remain exercisable for 60
months from the date of such termination. For purposes of this Plan, "Good
Reason" shall mean, without Eligible Employee's written consent: (i) any
material diminution in Eligible Employee's' title, authority, duties or
responsibilities inconsistent with his position; or (ii) any material reduction
in Eligible Employee's compensation.

10.3 Termination by the Company Without Cause. If the Company terminates the
Eligible Employee without Cause (as defined herein) prior to December 31, 2003,
any unvested stock options shall immediately vest in full and remain exercisable
for 60 months from the date of such termination.

10.4 Termination by the Company for Cause. If the Company terminates this
Employment Agreement for Cause (as defined below), Eligible Employee shall lose
any unvested stock options. "Cause" shall mean a consistent refusal to perform
the prescribed duties of the Eligible Employee's assignment, imprisonment,
conviction of violations of securities laws or the performance of actions that
are finally determined by a court of competent jurisdiction to be grossly
detrimental to the welfare of the Company.

10.5 If an Eligible Employee's employment with the Employer is terminated by
reason of death or permanent and total disability of the Eligible Employees, the
Eligible Employee or its successor, in the case of the Eligible Employee's
death, shall have the right to exercise any Option following such termination of
employment to the extent it was exercisable at the date of
<PAGE>

such termination of employment and has not been exercised, but in no event shall
such Option be exercisable after the expiration date for the Option set forth in
the Option Agreement.

10.6 In the case of consultants and advisors, the termination of the contractual
relationship for any reason other than death or permanent and total disability,
the Consultant's or Advisor's right to exercise any Option shall terminate
(other than those Options which have vested prior to the date of such
termination), and such Option shall expire on the date of such termination of
employment.

11.  Amendment and Termination

11.1 The Board may amend, alter, suspend, discontinue or terminate the Plan or
any portion thereof at any time; provided that no such amendment, alteration,
suspension, discontinuation or termination shall be made without shareholder's
approval if such approval is necessary under applicable laws or regulations as
determined by the Board; provided, further, no such amendments, alternations,
suspensions, discontinuations or terminations shall be effective retroactively.
Notwithstanding anything to the contrary herein, the Committee may amend the
Plan in such manner as necessary to make the Plan in conformity with local rules
and regulations in any jurisdiction.

11.2 The Committee may waive or amend any terms of, or alter, suspend,
discontinue, cancel or terminate any Option granted hereunder, prospectively or
retroactively, provided that the Eligible Employee being adversely affected by
such change consents in writing to such change of the Options.

12.  Miscellaneous

12.1 The Option may not be sold, pledged, assigned, disposed, transferred, or
encumbered of in any manner other than by will or by the laws of descent or
distribution and may be exercised, during the lifetime of the Eligible Employee,
only by the Eligible Employee.

12.2 The Company shall provide to each Eligible Employee, during the period for
which such Eligible Employee has one or more Options outstanding, copies of all
annual reports and other information that are provided to all shareholders of
the Company.

12.3 Options granted under the Plan will be non-statutory share options only.
Nothing contained in the Plan shall prevent the Company or the Subsidiaries from
adopting or continuing in effect other compensation arrangements that may or may
not provide for the grant of options of shares.

12.4 The grant of an Option or any thing contained in the Plan or the Option
Agreement shall not be construed as conferring upon the Eligible Employees any
right with respect to continuation of employment by the Company, nor shall it
interfere in any way with the Employer's right to terminate the employment at
any time, with or without cause. The terms of employment of an Employee shall
not be affected by the execution of the Plan. The Options granted under the Plan
shall not form a part of the terms of employment of an Employee or entitle him
to take into account the Options granted under the Plan in calculating any
compensation or damages on the termination of his employment for any reason.
<PAGE>

12.5  As soon as practicable after the completion of the Company's initial
public offering of its shares and the listing on NASDAQ, the Company shall
register the issuance of the shares (or ADS equivalent) underlying options
granted under the Plan under the U.S. Securities Act of 1933 on Form S-8 (or any
comparable or successor form) and shall use its reasonable efforts to cause such
registration statement to remain effective until the full exercise or expiration
of options under the Plan.

12.6  The validity, interpretation and application of the Plan shall be governed
by the laws of State of California.

12.7  Any provision of this Plan or the Option Agreement which is invalid or
unenforceable in whole or in part or shall cause the disqualification of the
Company from the application of any laws, regulations, rules or requirements of
which the qualification is deemed necessary by the Board, shall be construed in
a way that will satisfy the requirements under such laws, regulations and
requirements. If it cannot be so construed, such provision shall be several in
whole or part from the Plan or the Option Agreement, so that such invalidity,
unenforceability or disqualification shall not affect any other provision
hereof.

12.8  The Plan or the Option Agreement shall not be construed as creating a
trust or separate fund of any kind or a fiduciary relationship between the
Company or the Subsidiaries and an Eligible Employee or any other person. The
right of any person to receive payments from the Company under the Plan or the
Agreement shall be no greater than the right of any unsecured general creditor
of the Company.

APPROVED by the Board of Directors of WHEREVER.net Holding Corporation on
February 29, 2000.

Attest:

Johnny Lee                                           /s/ Johnny Lee
Chief Executive Officer

Junot Liu                                            /s/ Junot Liu
Secretary of the Board

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