Document:

DOMAIN REGISTRAR PROJECT COMPLETION AGREEMENT

         This Domain Registrar Project Completion Agreement (the "Agreement") is
made  and  entered   into  this  10th  day  of  May,   2000,   between   FullNet
Communications,  Inc., an Oklahoma corporation  ("FullNet"),  FullWeb,  Inc., an
Oklahoma  corporation  dba  FullNic  ("FullNic")  and Think  Capital,  Inc.,  an
Oklahoma corporation ("Think Capital").

                                    RECITALS

         WHEREAS,  FullNic is in the process of becoming a domain name registrar
and wishes to retain the services of Think Capital; and

         WHEREAS, Think Capital wishes to provide certain services to FullNic to
enable it to become a domain registrar;

         NOW THEREFORE,  in light of the foregoing and the mutual  consideration
provided for herein, the parties agree as follows:

         1.       Term and Termination.
                  --------------------

                  1.1      This  Agreement  shall  be  effective  as of the date
                           first written  above and shall  continue for a period
                           of sixty days, subject to the provisions hereinafter.

                  1.2      Upon  written  notice  by  either  party of the other
                           party's  failure to abide by its covenants  herein or
                           otherwise  default in the  performance  of any of its
                           obligations under this Agreement, the party receiving
                           such  notice  (the  "Defaulting  Party")  shall  have
                           forty-eight   hours  to   correct   or  remedy   such
                           deficiency.  Any such notice shall describe in detail
                           the basis upon which the party providing  notice (the
                           "Non-defaulting  Party") believes such termination is
                           justified.   Upon   receipt  of  such   notice,   the
                           Defaulting  Party shall have  forty-eight  (48) hours
                           during  which to attempt to cure any alleged  default
                           under  this  Agreement,  and  upon  such  cure  being
                           effected,   the  Non-defaulting   Party's  rights  to
                           terminate  the  Agreement  by virtue of such  default
                           shall cease and this  Agreement will continue in full
                           force  and  effect.   In  the  event  that  any  such
                           deficiency  or default is not  corrected  within such
                           forty-eight hour period, the Non-defaulting Party may
                           terminate  this  Agreement   effective   immediately;
                           provided,   however,  if  the  Defaulting  Party  has
                           diligently  attempted  to effect  such a cure  within
                           such forty-eight hour period but cannot complete such
                           cure because of the failure of a  third-party  to act
                           within such  period,  as evidenced in writing by such
                           third  party to the  Non-defaulting  Party,  then the
                           Defaulting  Party  shall  have such  additional  time
                           beyond such  forty-eight hour period as may be agreed
                           between the Defaulting  Party and the  Non-defaulting
                           Party to cure the  deficiency  or default;  provided,
                           further,  in no  event  shall  such  additional  time
                           exceed forty-eight hours.

<PAGE>

                  1.3      Upon  termination  of this  Agreement,  Think Capital
                           shall be entitled to immediately  receive  payment of
                           all accrued and unpaid amounts then due Think Capital
                           pursuant to the terms of this  Agreement  at the date
                           of  termination,  and  neither  party  shall have any
                           further obligations  whatsoever under this Agreement,
                           except pursuant to the indemnity  provisions  herein.
                           If, after prior written  demand,  either party hereto
                           brings an action  because of the  termination of this
                           Agreement, the non-prevailing party agrees to pay all
                           costs and reasonable  attorneys' fees incurred by the
                           prevailing  party in connection with such action.  No
                           right or remedy herein  conferred upon or reserved to
                           either  of  the  parties  hereto  is  intended  to be
                           exclusive of any other right or remedy,  and each and
                           every  right and remedy  shall be  cumulative  and in
                           addition   to  any  other   right  or  remedy   given
                           hereunder,  or now or  hereinafter  legally  existing
                           upon the termination of this Agreement.

                  1.4      The  term  "Preliminary   Project  Completion"  shall
                           hereinafter  be  defined  as the date at which  Think
                           Capital   has   performed   in  good  faith  all  the
                           requirements of section 6 below. "Project Completion"
                           shall  hereinafter  be  defined  as the date at which
                           domain names are first registered via the FullNic web
                           site.

         2.       Consideration for Services Rendered by Think Capital.
                  ----------------------------------------------------

                  2.1      Upon execution of this Agreement  ("Execution Date"),
                           FullNic  shall  pay  to  Think  Capital  the  sum  of
                           $6,500.00.  Sixty days after the Execution  Date (the
                           "Preliminary Project Due Date"), FullNic shall pay to
                           Think  Capital the sum of  $6,500.00,  subject to the
                           provisions  of Section 4. FullNet  hereby  guarantees
                           payment   of   FullNic's   obligations   under   this
                           Agreement.

                  2.2      Subject  to the  provisions  of  Sections 4 and 5, in
                           addition  to the  consideration  payable  pursuant to
                           Section 2.1 above,  FullNet  agrees to issue to Think
                           Capital,  as  additional  compensation,  warrants  to
                           purchase  25,000  shares  ("Original   Warrants")  of
                           FullNet's $0.00001 common stock ("Common Stock"),  at
                           an exercise price per share equal to the market price
                           of the Common  Stock on the date of the  issuance  of
                           the  warrants,  and  pursuant  to the other terms set
                           forth in the  Warrant  Agreement,  a form of which is
                           attached   hereto  as  Exhibit   "A"  (the   "Warrant
                           Agreement").  The Original Warrants will be issued to
                           Think  Capital on the  Preliminary  Project Due Date,
                           subject to the provisions of Section 4.

<PAGE>

         3.       Bonus Compensation.
                  ------------------

                  3.1      If the total  number of  ".com,"  ".net,"  and ".org"
                           domains  registered  by  FullNic  on or  prior to the
                           twelve-month  anniversary  of Project  Completion  is
                           equal to or greater  than 85,000,  FullNet  agrees to
                           issue to Think  Capital,  as bonus  compensation,  an
                           additional  55,000  warrants (the "Bonus  Warrants"),
                           giving  Think  Capital  the  right to  purchase  from
                           FullNet  55,000 shares of Common Stock at an exercise
                           price  per  share  equal to the  market  price of the
                           Common  Stock  on the  date  of the  issuance  of the
                           warrants,  and  pursuant  to the  other  terms as set
                           forth in the Warrant  Agreement;  provided,  however,
                           Think Capital may request that the Bonus  Warrants be
                           issued  at  either  (1) the last day of the  month in
                           which the 85,000th  domain is registered,  or (2) the
                           last  day  of the  twelfth  month  following  Project
                           Completion.

                  3.2      If,  subsequent to  Preliminary  Project  Completion,
                           FullNet (a) liquidates,  discontinues, sells, effects
                           a spinoff of or  otherwise  disposes of FullNic,  (b)
                           fails to provide adequate funding to allow FullNic to
                           remain a going  concern,  (c) fails to pursue Project
                           Completion   in   accordance   with  the   reasonable
                           recommendations  provided by Think Capital and agreed
                           to  by  both  parties  pursuant  to  Think  Capital's
                           provision of services in  accordance  with Section 6,
                           or (d) otherwise  improperly  impedes Think Capital's
                           provision of services in  accordance  with Section 6,
                           FullNet  and  FullNic  shall,   notwithstanding   the
                           failure of Project  Completion to occur, pay to Think
                           Capital upon demand the bonus  compensation set forth
                           in Section 3.1 hereof.

         4.  If,  on the  Preliminary  Project  Due  Date,  Preliminary  Project
Completion  has not occurred  due to the failure of Think  Capital to perform in
good faith all services  described in Section 6 hereof for the account of and as
agent of  FullNic,  and  FullNic  elects  to waive its  right to  terminate  the
Agreement  pursuant  to Section  1.2 hereof with  respect to such  default,  the
following adjustments to compensation will be made:

                  4.1.     The number of Original Warrants to be issued pursuant
                           to the terms of Section 2.2 will be adjusted downward
                           by 250 Warrants for each day the date of  Preliminary
                           Project  Completion  extends  beyond the  Preliminary
                           Project Due Date;

                  4.2.     Notwithstanding  the  provisions  of Section  2.1 and
                           Section 2.2 of this Agreement, the Original Warrants,
                           as  adjusted  pursuant to Section  4.1,  shall not be
                           issued,  and the second  cash  payment of $6,500 will
                           not be paid,  until the  earlier  to occur of (a) the
                           date of Preliminary Project Completion,  or (b) Think
                           Capital's  performance  in good faith of the services
                           described in Section 6 hereof; and

                  4.3.     Think Capital's  rights to receive the Bonus Warrants
                           pursuant  to Section 3 shall not be  affected  by any
                           adjustment effected to the Original Warrants pursuant
                           to this Section 4.

<PAGE>

         5.  If,  on the  Preliminary  Project  Due  Date,  Preliminary  Project
Completion  has not  occurred  due to the  failure of FullNic to perform in good
faith  all   services   required  of  it  pursuant   to  this   Agreement   and,
notwithstanding  FullNic's  default,  and Think Capital  elects to (i) waive its
right to terminate the Agreement  pursuant to Section 1.2 hereof with respect to
such default and (ii)  continue to perform in good faith the services  described
in Section 6 hereof,  the compensation set forth in Section 2 will be paid, with
the following adjustment:

                  5.1.     Additional  warrants  will  accrue at the rate of 250
                           each day until Preliminary Project Completion.  These
                           additional  warrants will be issued as of Preliminary
                           Project  Completion  and pursuant to the terms of the
                           Warrant Agreement.

         6.  Duties of Think  Capital.  The  services  to be  provided  by Think
Capital  with  respect to  Preliminary  Project  Completion  will consist of the
following:

                  6.1.     A written, detailed marketing outline.

                  6.2.     A written, detailed marketing advertising budget.

                  6.3.     Specifications  for  back-end  and  site  development
                           delivered   and   clearly   explained   to   contract
                           developers,  as  well  as  on-going  discussions  and
                           consultation with lead developers.

                  6.4.     Complete of Network Solutions'  requirements,  or, in
                           the alternative,  prepare  comprehensive and detailed
                           instructions  to  FullNic  on  how  to  complete  the
                           requirements.  Network  Solution's  testing  will  be
                           scheduled  at the  earliest  possible  date given the
                           status of the contract developers.

                  6.5.     Think  Capital will develop  contracts  and paperwork
                           for  Value  Added   Resellers  and  volume   discount
                           customers. Think Capital will proactively solicit and
                           attempt to sign such clients.

                  6.6.     Written potential advertising locations and rates.

                  6.7.     Various   consultations   with  FullNet  and  FullNic
                           executives   regarding  the   direction,   needs  and
                           objectives of FullNic.

                  6.8.     All such further action as may reasonably be required
                           and agreed to by both parties.

<PAGE>

         7.       Miscellaneous.
                  -------------

                  7.1      Authorization.  Each party  warrants  and  represents
                           that it is  fully  entitled  and duly  authorized  to
                           enter into this Agreement.

                  7.2      Entire  Agreement.  The terms of this  Agreement  are
                           intended by the parties to be the final expression of
                           their  agreement  with respect to the subject  matter
                           hereof and may not be contradicted by evidence of any
                           prior or  contemporaneous  agreement.  This Agreement
                           may not be amended except in a writing signed by both
                           of the parties.

                  7.3      Successors and Assigns This Agreement is binding upon
                           and shall  inure to the benefit of each party to this
                           Agreement  and  to  any  successors  in  interest  or
                           assigns of any party to this Agreement.

                  7.4      Governing Law. This Agreement shall be interpreted in
                           accordance  with  the laws of the  State of  Oklahoma
                           without  reference to  conflicts  of laws  principles
                           thereof.

                  7.5      Counterparts.  This  Agreement  may  be  executed  in
                           counterparts,  each  of  which  shall  be  deemed  an
                           original,   but  such  counterparts   together  shall
                           constitute one and the same instrument.

                  7.6      Expenses.   FullNet  shall  be  responsible  for  all
                           reasonable  out-of-pocket  expenses incurred by Think
                           Capital in  connection  with the  performance  of its
                           obligations under this Agreement,  including, but not
                           limited to,  contract  programming  and  development,
                           marketing   and   advertising   expenses;   provided,
                           however,  FullNet  will be notified in advance of the
                           incurrence  of expenses  and shall have  consented to
                           their incurrence, such consent not to be unreasonably
                           withheld. Any reasonable  out-of-pocket expenses that
                           are   incurred  by   ThinkCapital   pursuant  to  the
                           provisions  of this  Section  7.6 will be  reimbursed
                           within 30 days by FullNet.

                  7.7      Partnership.   Think  Capital,  FullNet  and  FullNic
                           affirmatively   state  that  they  do  not  have  the
                           intention to form a joint venture or partnership  for
                           tax or any other purpose, nor have they done so.

                  7.8      Indemnification.   In   accordance   with   customary
                           practices   associated   with  the  retention  of  an
                           adviser,  FullNet will  indemnify  and hold  harmless
                           Think  Capital  and its  personnel  from any  claims,
                           liabilities,  cost and  expenses,  including  without
                           limitation  reasonable  attorneys'  fees and  related
                           expenses  relating to Think Capital's  services under
                           this  Agreement,  except to the extent  determined to
                           have  resulted  from the  intentional  misconduct  or
                           gross  negligence of Think Capital  personnel.  Under
                           all circumstances,  Think Capital's maximum liability
                           to  FullNet   arising  for  any  reason  relating  to
                           services  rendered under this letter shall be limited
                           to the amount of the fees paid for these services.

<PAGE>

         IN  WITNESS  WHEREOF,  each  of the  parties  hereto  has  caused  this
Agreement to be signed all as of the date first above written.

                                      FULLWEB, INC. FULLNET COMMUNICATIONS, INC.
dba FullNic

By: /s/ Jason Ayers                   By:  /s/  Timothy J. Kilkenny
   -----------------------------         ---------------------------------------
        Jason Ayers, President                  Timothy J. Kilkenny, President

THINK CAPITAL, INC.

By____________________________
   Name:______________________
   Title:_____________________

<PAGE>

                                    EXHIBIT A

                          FULLNET COMMUNICATIONS, INC.
                            (an Oklahoma corporation)

                                WARRANT AGREEMENT

                                                                    ______, 2000

[Name of Warrant Holder]
[Address]

Mr. __________:

         FullNet Communications,  Inc., an Oklahoma corporation (the "Company"),
agrees to issue to you  warrants  (the  "Warrants")  to  purchase  the number of
shares of common stock,  par value $0.00001 per share (the "Common  Stock"),  of
the  Company set forth  herein,  subject to the terms and  conditions  contained
herein.

         1. Issuance of Warrants;  Exercise Price. The Warrants,  which shall be
certificated  in the form  attached  hereto as  EXHIBIT  "B"  (each,  a "Warrant
Certificate"),  shall be issued to you concurrently with the execution hereof in
consideration  of  the  Domain  Registrar  Project  Completion  Agreement  dated
_________________ (the "Registrar  Agreement").  The Warrants shall provide that
you,  or such other  holder or  holders  of the  Warrants  to whom  transfer  is
authorized in accordance with the terms of this Agreement,  shall have the right
to purchase an  aggregate  of  ________  shares of Common  Stock for an exercise
price equal to the average of the daily  closing  prices of the Common  Stock as
listed on the OTC  Bulletin  Board  for the ten (10)  consecutive  trading  days
immediately  preceding  the date of this Warrant  Agreement for which there were
shares of the  Company's  Common  Stock  traded on the OTC  Bulletin  Board (the
"Exercise Price").

         2.  Exercise of  Warrants.  At any time and from time to time after the
date hereof and expiring on the third  anniversary of the effective date of this
Warrant Agreement at 5:00 p.m., Central Standard Time, Warrants may be exercised
as to all or any portion of the whole number of shares of Common  Stock  covered
by the Warrants by the holder thereof by surrender of the Warrants,  accompanied
by a  subscription  for  shares to be  purchased  in the form  attached  to each
Warrant  Certificate  and by payment to the  Company as set forth in the Warrant
Certificate  in the amount  required  for purchase of the shares as to which the
Warrant is being exercised,  delivered to the Company at its principal office at
200 North Harvey Avenue,  Suite 1704, Oklahoma City, Oklahoma 73102,  Attention:
President.  Upon the  exercise  of a Warrant,  in whole or in part,  the Company
will, within ten (10) days thereafter,  at its expense (including the payment by
the Company of any applicable  issue or transfer  taxes),  cause to be issued in
the name of and delivered to the holder a certificate  or  certificates  for the
number of fully  paid and  non-assessable  shares of Common  Stock to which such
holder is entitled  upon  exercise of the  Warrant.  In the event such holder is
entitled to a fractional  share,  in lieu  thereof,  such holder shall be paid a
cash  amount  equal  to such  fraction,  multiplied  by the  Current  Value  (as
hereafter  defined) of one full share of Common  Stock on the date of  exercise.
Certificates  for shares of Common  Stock  issuable by reason of the exercise of
the Warrant or Warrants shall be dated and shall be effective as the date of the
surrendering  of the  certificates  for the shares so purchased.  In the event a
Warrant  is  exercised,  as to less than the  aggregate  amount of all shares of
Common Stock  issuable upon  exercise of all Warrants  held by such person,  the
Company  shall  issue a new  Warrant to the holder of the  Warrant so  exercised
covering the  aggregate  number of shares of Common  Stock as to which  Warrants
remain unexercised.

<PAGE>

                  For purposes of this section,  Current Value is defined (i) in
the case for which a public  market  exists for the Common  Stock at the time of
such  exercise,  the average of the daily closing prices of the Common Stock for
twenty (20)  consecutive  business  days  commencing  thirty (30)  business days
before the date of exercise, and (ii) in the case no public market exists at the
time of  such  exercise,  at the  Appraised  Value.  For  the  purposes  of this
Agreement,  "Appraised  Value" is the value  determined in  accordance  with the
following  procedures.  For a period of five (5) days after the date of an event
(a "Valuation Event") requiring determination of Current Value at a time when no
public market exists for the Common Stock (the "Negotiation Period"), each party
to this Agreement  agrees to negotiate in good faith to reach agreement upon the
Appraised  Value of the  securities or property at issue,  as of the date of the
Valuation  Event,  which will be the fair  market  value of such  securities  or
property,  without  premium  for  control or discount  for  minority  interests,
illiquidity  or  restrictions  on  transfer.  In the event that the  parties are
unable to agree upon the Appraised Value of such securities or other property by
the end of the Negotiation  Period,  then the Appraised Value of such securities
or property  will be determined  for purposes of this  Agreement by a recognized
appraisal or investment  banking firm  mutually  agreeable to the holders of the
Warrants and the Company (the  "Appraiser").  If the holders of the Warrants and
the Company cannot agree on an Appraiser  within two (2) business days after the
end of the Negotiation  Period, the Company, on the one hand, and the holders of
the Warrants,  on the other hand, will each select an Appraiser  within ten (10)
business  days  after  the  end of the  Negotiation  Period  and  those  two (2)
Appraisers will select ten (10) days after the end of the Negotiation  Period an
independent  Appraiser to determine the fair market value of such  securities or
property,  without  premium  for  control or discount  for  minority  interests,
illiquidity or  restrictions  on transfer.  Such  independent  Appraiser will be
directed  to  determine  fair  market  value  of  such  securities  as  soon  as
practicable,  but in no event  later than  thirty (30) days from the date of its
selection.  The  determination  by an Appraiser of the fair market value will be
conclusive  and binding on all parities to this  Agreement.  Appraised  Value of
each share of Common  stock at a time when (i) the  Company  is not a  reporting
company  under the  Exchange  Act and (ii) the Common Stock is not traded in the
organized  securities markets,  will, in all cases, be calculated by determining
the  Appraised  Value of the entire  Company  taken as a whole and dividing that
value by the number of shares of Common Stock then outstanding,  without premium
for control or discount for minority  interests,  illiquidity or restrictions on
transfer.  The costs of the Appraiser will be borne by the Company.  In no event
will  the  Appraised  Value of the  Common  Stock  be less  than  the per  share
consideration  received  or  receivable  with  respect  to the  Common  Stock or
securities  or  property  of  the  same  class  in  connection  with  a  pending
transaction   involving  a  sale,  merger,   recapitalization,   reorganization,
consolidation,  or share exchange,  dissolution of the Company, sale or transfer
of all or a majority of its assets or revenue or income generating capacity,  or
similar transaction.

<PAGE>

         3. Protection  Against  Dilution.  The Exercise Price for the shares of
Common Stock and number of shares of Common Stock  issuable upon exercise of the
Warrants is subject to adjustment from time to time as follows:

                  (a) Stock Dividends, Subdivisions, Reclassifications, Etc.. In
         case at any time or from time to time  after the date of  execution  of
         this  Agreement,  the Company shall (i) take a record of the holders of
         Common Stock for the purpose of entitling them to receive a dividend or
         a  distribution  on shares of Common Stock  payable in shares of Common
         Stock or other class of  securities,  (ii)  subdivide or reclassify its
         outstanding  shares of Common Stock into a greater number of shares, or
         (iii) combine or reclassify its outstanding Common Stock into a smaller
         number of shares,  then,  and in each such case,  the Exercise Price in
         effect at the time of the record date for such dividend or distribution
         or  the   effective   date  of   such   subdivision,   combination   or
         reclassification  shall be adjusted in such a manner that the  Exercise
         Price for the shares issuable upon exercise of the Warrants immediately
         after such event  shall  bear the same ratio to the  Exercise  Price in
         effect  immediately  prior to any such  event as the  total  number  of
         shares of Common  Stock  outstanding  immediately  prior to such  event
         shall bear to the total  number of shares of Common  Stock  outstanding
         immediately after such event.

                  (b)  Adjustment  of  Number of  Shares  Purchasable.  When any
         adjustment  is  required  to be made in the  Exercise  Price under this
         Section  3, (i) the  number of shares of  Common  Stock  issuable  upon
         exercise of the Warrants  shall be changed  (upward to the nearest full
         share) to the number of shares  determined  by  dividing  (x) an amount
         equal to the number of shares issuable  pursuant to the exercise of the
         Warrants  immediately  prior  to  the  adjustment,  multiplied  by  the
         Exercise Price in effect  immediately  prior to the adjustment,  by (y)
         the Exercise Price in effect  immediately  after such  adjustment,  and
         (ii) upon  exercise  of the  Warrant,  the holder  will be  entitled to
         receive the number of shares of other securities referred to in Section
         3(a)  that  such  holder  would  have  received  had the  Warrant  been
         exercised prior to the events referred to in Section 3(a).

                  (c)  Adjustment  for  Reorganization,  Consolidation,  Merger,
         Etc.. In case of any  reorganization  or  consolidation  of the Company
         with, or any merger of the Company with or into,  another entity (other
         than a  consolidation  or merger in which the Company is the  surviving
         corporation)  or in case of any sale or transfer  to another  entity of
         the majority of assets of the Company,  the entity  resulting from such
         reorganization  or  consolidation  or surviving such merger or to which
         such sale or  transfer  shall be made,  as the case may be,  shall make
         suitable provision (which shall be fair and equitable to the holders of
         Warrants) and shall assume the obligations of the Company hereunder (by
         written  instrument  executed and mailed to each holder of the Warrants
         then outstanding)  pursuant to which, upon exercise of the Warrants, at
         any time after the consummation of such reorganization,  consolidation,
         merger or conveyance, the holder shall be entitled to receive the stock
         or other  securities  or  property  that such  holder  would  have been
         entitled to upon consummation if such holder had exercised the Warrants
         immediately  prior  thereto,  all  subject  to  further  adjustment  as
         provided in this Section 6.

<PAGE>

                  (d) Certificate as to Adjustments.  In the event of adjustment
         as herein  provided in  paragraphs of this Section 3, the Company shall
         promptly mail to each Warrant  holder a  certificate  setting forth the
         Exercise  Price and  number of shares  of Common  Stock  issuable  upon
         exercise after such  adjustment and setting forth a brief  statement of
         facts requiring such adjustment.  Such certificate shall also set forth
         a brief statement of facts requiring such adjustment.  Such certificate
         shall also set forth the kind and  amount of stock or other  securities
         or property  into which the  Warrants  shall be  exercisable  after any
         adjustment of the Exercise Price as provided in this Agreement.

                  (e) Minimum  Adjustment.  Notwithstanding  the  foregoing,  no
         certificate as to adjustment of the Exercise Price  hereunder  shall be
         made if such adjustment  results in a change in the Exercise Price then
         in effect of less than five cents  ($0.05) and any  adjustment  of less
         than five cents ($0.05) of any Exercise Price shall be carried  forward
         and  shall be made at the  time of and  together  with  any  subsequent
         adjustment that, together with the adjustment or adjustments so carried
         forward,  amounts to five cents ($0.05) or more; provided however, that
         upon the  exercise  of a  Warrant,  the  Company  shall  have  made all
         necessary adjustments (to the nearest cent) not theretofore made to the
         Exercise  Price up to and including the date upon which such Warrant is
         exercised.

         4.  Registration Rights.

                  (a) S-3  Registration  Rights.  The Company will  register the
         shares of Common Stock  underlying the Warrants (the "Warrant  Shares")
         within thirty (30) days following the date upon which the Company shall
         become  eligible  to  register  its  securities  on Form S-3  under the
         Securities  Act of  1933,  as  amended  (the  "Securities  Act") or any
         successor  to such form in a manner  that  will,  upon  being  declared
         effective,  constitute a "shelf"  registration for purposes of Rule 415
         under the Securities  Act,  pursuant to which the Warrant Shares may be
         sold from time to time and in such amounts as the holder(s) thereof may
         hereafter  determine,  all in a manner  consistent  with all applicable
         provisions of the Securities Act; provided,  however, if at the time of
         such S-3  eligibility,  the Company has formulated plans to file within
         60 days thereof a  registration  statement  covering the sale of any of
         its  securities  in a public  offering  under the  Securities  Act,  no
         registration  of the  Warrant  Shares  shall be  initiated  under  this
         Section  4(a)  until  90  days  after  the   effective   date  of  such
         registration  statement  unless  the  Company  is no longer  proceeding
         diligently to secure the effectiveness of such registration  statement;
         provided that the Company shall provide the Warrant holder(s) the right
         to  participate  in such public  offering  pursuant to, and subject to,
         Section  4(b).  The Company  will use its best efforts to have the Form
         S-3  declared  effective.  At its  expense,  the Company will keep such
         registration effective for a period of one hundred eighty (180) days or
         until the holder or holders have completed the  distribution  described
         in the registration statement relating thereto, whichever first occurs;
         and furnish such number of prospectuses  and other  documents  incident
         thereto as a holder from time to time may reasonably request.

<PAGE>

                  (b) Piggyback  Registration  Rights. At any time following the
         date hereof, whenever the Company proposes to register any Common Stock
         for its own or the  account of others  under the  Securities  Act for a
         public offering,  other than (i) any shelf registration of shares to be
         used solely as consideration for acquisitions of additional  businesses
         by the  Company  and (ii)  registrations  relating  solely to  employee
         benefit  plans,  the  Company  shall give each  Warrant  holder  prompt
         written notice of its intent to do so. Upon the written  request of any
         Warrant  holder  given  within 15 business  days after  receipt of such
         notice, the Company shall cause to be included in such registration all
         Warrant  Securities  (including  any shares of Common Stock issued as a
         dividend or other  distribution with respect to, or in exchange for, or
         in  replacement  of such Warrant  Securities)  which any Warrant holder
         requests;  provided,  however,  if the Company is advised in writing in
         good faith by any managing  underwriter of an underwritten  offering of
         the securities  being offered  pursuant to any  registration  statement
         under this Section 4(b) that the number of shares to be sold by persons
         other than the Company is greater  than the number of such shares which
         can be offered without  adversely  affecting the offering,  the Company
         may reduce pro rata the number of shares  offered  for the  accounts of
         such persons (based upon the number of shares held by such person) to a
         number deemed satisfactory by such managing underwriter.

                  (c) Lock-up  Agreement.  In  consideration  for the  Company's
         agreeing to its  obligations  under this Section 4, each Warrant holder
         agrees that,  effective upon the request of the  underwriters  managing
         the Company's initial public offering,  such holder shall be obligated,
         so long as all  executive  officers  and  directors  of the Company are
         bound by a comparable obligation,  not to sell, make any short sale of,
         loan, grant any option for the purchase of, or otherwise dispose of any
         shares of Common  Stock  underlying  the  Warrants  (other  than  those
         included in the registration) without the prior written consent of such
         underwriters, for such period of time (not to exceed one hundred eighty
         (180) days) from the effective date of such initial public  offering as
         the underwriters may specify.

                  (d) Indemnification; Contribution.

                           (i) The Company will indemnify and hold harmless each
                  holder and each affiliate  thereof of Common Stock  registered
                  pursuant to this Agreement with the  Commission,  or under any
                  Blue  Sky  Law  or  regulation  against  any  losses,  claims,
                  damages,  or  liabilities,  joint or  several,  to which  such
                  holder  may  become   subject  under  the  Securities  Act  or
                  otherwise,   insofar  as  such  losses,  claims,  damages,  or
                  liabilities  (or actions in respect  thereof)  arise out of or
                  are based upon an untrue statement or alleged untrue statement
                  of a material fact  contained in any  preliminary  prospectus,
                  registration  statement,   prospectus,  or  any  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,  and will  reimburse each
                  such  holder  and  affiliate  for any legal or other  expenses
                  reasonably   incurred  by  such  holder  in  connection   with
                  investigating or defending any such action or claim regardless
                  of the  negligence of any such holder or affiliate;  provided,
                  however, that the Company shall 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 any
                  preliminary prospectus,  registration statement or prospectus,
                  or any such amendment or supplement  thereto, in reliance upon
                  and in conformity  with written  information  furnished to the
                  Company by any such holder expressly for use therein.

<PAGE>

                           (ii) Each holder of Common Stock registered  pursuant
                  to this Agreement will indemnify and hold harmless the Company
                  against any losses,  claims,  damages, or liabilities to which
                  the Company may become  subject,  under the  Securities Act or
                  otherwise,   insofar  as  such  losses,  claims,  damages,  or
                  liabilities  (or actions in respect  thereof)  arise out of or
                  are based upon an untrue statement or alleged untrue statement
                  of a material fact  contained in any  preliminary  prospectus,
                  registration  statement  or  prospectus,  or any  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, in each case to the extent,
                  but only to the extent,  that such untrue statement or alleged
                  untrue  statement or omission or alleged  omission was made in
                  any   preliminary   prospectus,   registration   statement  or
                  prospectus,   or  any  amendment  or  supplement  thereto,  in
                  reliance  upon  and in  conformity  with  written  information
                  furnished  to the  Company by such  holder  expressly  for use
                  therein.

                           (iii) Promptly after receipt by an indemnified  party
                  under Sections  4(d)(i) or (ii) above of the  commencement  of
                  any  action,  such  indemnified  party  shall,  if a claim  in
                  respect thereof is to be made against the  indemnifying  party
                  under either such subsection, notify the indemnifying party in
                  writing of the  commencement  thereof;  but the omission so to
                  notify the  indemnifying  party  shall not relieve it from any
                  liability that it may otherwise have to any indemnified party.
                  In  case  any  such  action  shall  be  brought   against  any
                  indemnified  party and it shall notify the indemnifying  party
                  of the commencement  thereof the  indemnifying  party shall be
                  entitled to assume the defense thereof by notice in writing to
                  the  indemnified  party.  After  notice from the  indemnifying
                  party to such indemnified  party of its election to assume the
                  defense thereof, the indemnifying party shall not be liable to
                  such  indemnified  party under either of such  subsections for
                  any legal expenses of other counsel or any other  expense,  in
                  each case subsequently  incurred by such indemnified party, in
                  connection  with the  defense  thereof  other than  reasonable
                  costs of investigation incurred prior to the assumption by the
                  indemnifying   party,   unless   such   expenses   have   been
                  specifically  authorized in writing by the indemnifying party,
                  the  indemnifying  party has failed to assume the  defense and
                  employ  counsel,  or the  named  parties  to any  such  action
                  include both the indemnified party and the indemnifying party,
                  as appropriate, and such indemnified party has been advised by
                  counsel that the  representation of such indemnified party has
                  been  advised  by  counsel  that  the  representation  of such
                  indemnified  party  and the  indemnifying  party  by the  same
                  counsel  would be  inappropriate  due to actual  or  potential
                  differing  interests  between them, in each of which cases the
                  fees of counsel for the indemnified  party will be paid by the
                  indemnifying party.

<PAGE>

                           (iv)  If the  indemnification  provided  for in  this
                  Section 4(d) is unavailable or  insufficient  to hold harmless
                  an indemnified  party under Section 4(d)(i) or (ii) in respect
                  of any losses,  claims,  damages, or liabilities (or action in
                  respect thereof)  referred to therein,  then each indemnifying
                  party shall  contribute  to the amount paid or payable by such
                  indemnified party as a result of such losses, claims, damages,
                  or  liabilities  (or  actions  in  respect  thereof)  in  such
                  proportion as is appropriate to reflect the relative  benefits
                  received by the  Company  and the holder or holders  from this
                  Agreement and from the offering of the shares of Common Stock.
                  If,  however,  the  allocation  provided  by  the  immediately
                  preceding  sentence is not permitted by  applicable  law, then
                  each  indemnifying  party shall contribute to such amount paid
                  or payable by such indemnified  party in such proportion as is
                  appropriate  to reflect not only such  relative  benefits  but
                  also the  relative  fault of the  Company  and the  holders in
                  connection  with the  statement or omissions  that resulted in
                  such losses,  claims,  damages,  or liabilities (or actions in
                  respect  thereof),  as well as any  other  relevant  equitable
                  considerations.  The  relative  fault shall be  determined  by
                  reference  to,  among  other  things,  whether  the  untrue or
                  alleged untrue statement of a material fact or the omission or
                  alleged   omission  to  state  a  material   fact  relates  to
                  information  supplied  by the  Company  or the  holder and the
                  parties' relative intent, knowledge, access to information and
                  opportunity  to correct or prevent such statement or omission.
                  The Company  and the  holders  agree that it would not be just
                  and  equitable  if  contribution   pursuant  to  this  Section
                  4(d)(iv) were determined by pro rata  allocation  (even if the
                  holders were treated as one entity for such purpose) or by any
                  other method of allocation that does not take into account the
                  equitable  considerations referred to above in this subsection
                  4(d)(iv).  Except as provided in Section 4(d)(iii), the amount
                  paid or  payable  by an  indemnified  party as a result of the
                  losses, claims, damages, or liabilities (or actions in respect
                  thereof)  referred to above in this Section  4(d)(iv) shall be
                  deemed  to  include  any  legal or other  expenses  reasonably
                  incurred  by  such   indemnified   party  in  connection  with
                  investigation or defending any such action or claim. No person
                  guilty of fraudulent  misrepresentation (within the meaning of
                  Section  11(f) of the  Securities  Act) shall be  entitled  to
                  contribution  from  any  person  who  was not  guilty  of such
                  fraudulent misrepresentation. Notwithstanding any provision in
                  this  Section  4(d)(iv) to the  contrary,  no holder  shall be
                  liable for any amount, in the aggregate,  in excess of the net
                  proceeds to such holder from the sale of such holder's  shares
                  (obtained  upon  exercise  of  Warrants)  giving  rise to such
                  losses, claims, damages, or liabilities.

                           (v) The obligations of the Company under this Section
                  4(d) shall be in  addition to any  liability  that the Company
                  may otherwise  have and shall extend,  upon the same terms and
                  conditions, to each person, if any, who controls any holder of
                  Warrants  within  the  meaning  of  the  Securities  Act.  The
                  obligations  of the holders of Common Stock under this Section
                  4(d) shall be in addition to any  liability  that such holders
                  may otherwise  have and shall extend,  upon the same terms and
                  conditions  to each  person,  if any, who controls the Company
                  within the meaning of the Securities Act.

         5. Stock  Exchange  Listing.  In the event the Company lists its Common
Stock on any national  securities  exchange,  the Company  will, at its expense,
also list on such  exchange,  upon  exercise of a Warrant,  all shares of Common
Stock issuable pursuant to such Warrant.

<PAGE>

         6. Specific  Performance.  The Company stipulates that remedies at law,
in money damages, available to the holder of a Warrant, or of a holder of Common
Stock issued  pursuant to exercise of a Warrant,  in the event of any default or
threatened  default by the Company in the  performance of or compliance with any
of the terms of this Agreement are not and will not be adequate.  Therefore, the
Company agrees that the terms of this Agreement may be specifically  enforced by
a decree for the specific performance of any agreement contained herein or by an
injunction against a violation of any of the terms hereof or otherwise.

         7.  Successors and Assigns;  Binding  Effect.  This Agreement  shall be
binding  upon  and  insure  to the  benefit  of you and the  Company  and  their
respective successors and permitted assigns.

         8.  Notices.  Any  notice  hereunder  shall be given by  registered  or
certified  mail,  if to the Company,  at its  principal  office,  and, if to the
holders, to the respective addresses shown in the Warrant ledger of the Company,
provided  that any holder may at any time on three (3) days'  written  notice to
the Company designate or substitute another address where notice is to be given.
Notice  shall be deemed  given and  received  after a  certified  or  registered
letter, properly addressed with postage prepaid, is deposited in the U.S. mail.

         9.  Severability.  Every  provision of this Agreement is intended to be
severable.  If any term or provision hereof is illegal or invalid for any reason
whatsoever, such illegality or invalidity shall not affect the remainder of this
Agreement.

         10. Assignment; Replacement of Warrants. If the Warrant or Warrants are
assigned,  in  whole or in  part,  the  Warrants  shall  be  surrendered  at the
principal  office  of the  Company,  and  thereupon,  in the  case of a  partial
assignment,  a new Warrant  shall be issued to the holder  thereof  covering the
number of shares not assigned,  and the assignee  shall be entitled to receive a
new Warrant covering the number of shares so assigned.  Upon receipt of evidence
reasonably  satisfactory  to the  Company of the loss,  theft,  destruction,  or
mutilation of any Warrant and appropriate  bond or  indemnification  protection,
the Company  shall issue a new Warrant of like tenor.  The Warrants  will not be
transferred,  sold, or otherwise hypothecated by you or any other person and the
Warrants will be  nontransferable,  except to (i) one or more  persons,  each of
which on the date of transfer is an  officer,  shareholder,  or employee of you;
(ii) a  partnership  or  partnerships,  the partners of which are you and one or
more persons, each of whom on the date of transfer is an officer of you; (iii) a
successor  to  you in  merger  or  consolidation;  (iv)  a  purchaser  of all or
substantially  all of your  assets;  (v) a person that  receives a Warrant  upon
death of a holder pursuant to will, trust, or the laws of intestate  succession;
or (vi) otherwise in compliance with the requirements of Section 4(1) or Section
5 of the Securities Act.

         10.  Governing Law. This  Agreement  shall be governed and construed in
accordance  with the laws of the State of Oklahoma  without giving effect to the
principles of choice of laws thereof.

<PAGE>

         11.  Definition.  All  references  to the word "you" in this  Agreement
shall be deemed to apply with equal  effect to any  persons or  entities to whom
Warrants have been  transferred in accordance with the terms hereof,  and, where
appropriate,  to any persons or entities holding shares of Common Stock issuable
upon exercise of Warrants.

         12.  Headings.  The headings  herein are for purposes of reference only
and shall not limit or  otherwise  affect the  meaning of any of the  provisions
hereof.

         13.  Counterparts.  This  Agreement  may be  executed  in  two or  more
counterparts,  and it will not be necessary  that the  signatures of all parties
hereto be contained on any one  counterpart  hereof.  Each  counterpart  will be
deemed an original,  but all  counterparts  together will constitute one and the
same instrument.  The parties agree that a facsimile of this Agreement signed by
the parties will  constitute an agreement in accordance with the terms hereof as
if all of the parties had executed an original of this Agreement.

                                     Very truly yours,

                                     FULLNET COMMUNICATIONS, INC.

                                     By: /s/  Timothy J. Kilkenney
                                        ----------------------------------------
                                         Timothy J. Kilkenney, President and CEO

ACCEPTED AS OF THE __ DAY OF ________:

[NAME OF WARRANT HOLDER]

---------------------------------------

<PAGE>

                                    EXHIBIT B

                               WARRANT CERTIFICATE
                               -------------------

THE WARRANTS  REPRESENTED BY THIS CERTIFICATE AND THE OTHER SECURITIES  ISSUABLE
UPON  EXERCISE  THEREOF  MAY NOT BE OFFERED OR SOLD  EXCEPT  PURSUANT  TO (i) AN
EFFECTIVE  REGISTRATION  STATEMENT UNDER THE SECURITIES ACT OF 1933, (ii) TO THE
EXTENT  APPLICABLE,  RULE 144 UNDER SUCH ACT (OR ANY SIMILAR RULE UNDER SUCH ACT
RELATING TO THE DISPOSITION OF SECURITIES),  OR (iii) AN OPINION OF COUNSEL,  IF
SUCH OPINION SHALL BE REASONABLY  SATISFACTORY TO THE ISSUER,  THAT AN EXEMPTION
FROM REGISTRATION UNDER SUCH ACT IS AVAILABLE.

THE  TRANSFER OR EXCHANGE OF THE WARRANTS  REPRESENTED  BY THIS  CERTIFICATE  IS
RESTRICTED IN ACCORDANCE WITH THE WARRANT AGREEMENT REFERRED TO HEREIN.

                          FULLNET COMMUNICATIONS, INC.

No.:     W-00-15                                              __________Warrants
Date:    ____________

         THIS IS TO CERTIFY that  ____________  or its assigns,  as permitted in
that certain  Warrant  Agreement (the "Warrant  agreement"),  dated of even date
herewith,  by  and  among  FullNet  Communications,  Inc.  (the  "Company")  and
___________ is entitled to purchase at any time or from time to time on or after
________,  200_, until 5:00 p.m.,  Central Standard Time on _________,  200_, an
aggregate  of  __________________________________________________  (___________)
shares of common stock,  par value  $0.00001 per share,  of the Company,  for an
exercise  price per  share as set forth in the  Warrant  Agreement  referred  to
herein. This Warrant is issued pursuant to the Warrant Agreement, and all rights
of the holder of this Warrant are further  governed by, and subject to the terms
and  provisions of such Warrant  Agreement,  copies of which are available  upon
request to the Company.  The holder of this Warrant and the shares issuable upon
the exercise hereof shall be entitled to the benefits, rights and privileges and
subject to the obligations,  duties and liabilities  provided for in the Warrant
Agreement.

         The issuance of this Warrant and the shares  issuable  upon the due and
timely  exercise  hereof have not been  registered  under the  Securities Act of
1933, as amended (the "Act"),  or any similar state  securities law or act, and,
as such,  no public  offering  of either  this  Warrant  or any of the shares of
common stock issuable upon exercise of this Warrant may be made other than under
an  exemption  under  the  Act or  until  the  effectiveness  of a  registration
statement  under such Act covering  such  offering.  Transfer of this Warrant is
restricted pursuant to the terms of Section 8 of the Warrant Agreement.

         Subject to the  provisions of the Act, of the Warrant  Agreement and of
this Warrant,  this Warrant and all rights hereunder are transferable,  in whole
or in part,  only to the extent  expressly  permitted in such documents and then
only at the  office of the  Company  at 200 North  Harvey  Avenue,  Suite  1704,
Oklahoma City, Oklahoma 73102, Attention President, by the holder hereof or by a
duly authorized attorney-in-fact,  upon surrender of this Warrant duly endorsed,
together with the Assignment hereof duly endorsed.  Until transfer hereof on the
books of the Company,  the Company may treat the registered holder hereof as the
owner hereof for all purposes.

<PAGE>

THIS WARRANT CERTIFICATE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND
THE  RIGHTS OF THE  COMPANY  AND THE HOLDER  HEREOF  SHALL BE  GOVERNED  BY, THE
INTERNAL  LAWS OF THE STATE OF OKLAHOMA,  WITHOUT  REGARD TO THE CONFLICT OF LAW
PRINCIPLES OF OKLAHOMA LAW.

         IN WITNESS WHEREOF,  the Company has caused this Warrant to be executed
and its corporate seal to be hereunto affixed by its proper  corporate  officers
thereunto duly authorized.

                                      FULLNET COMMUNICATIONS, INC.

                                      By:  /s/  Timothy J. Kilkenney
                                         ---------------------------------------
                                         Timothy J. Kilkenney, President and CEO

(SEAL)

Attest:

/s/  Jeanette C. Timmons
----------------------------------
Jeanette C. Timmons, Secretary

<PAGE>

                          FULLNET COMMUNICATIONS, INC.

                                  SUBSCRIPTION
                                  ------------

      To Be Signed Only Upon Exercise (in whole or in part) of the Warrants

TO:                      FULLNET COMMUNICATIONS, INC.
                         200 North Harvey, Suite 1704
                         Oklahoma City, Oklahoma 73102
                         Attention:  President

         1. The undersigned, _________________________________,  pursuant to the
provisions of the Warrant  Agreement  dated as of  ___________  and the attached
Warrant  Certificate,  hereby  agrees to  subscribe  for the purchase of _______
shares of the  common  stock of  FullNet  Communications,  Inc.  covered  by the
attached  Warrant  Certificate,  and makes payment therefor in full at the price
per share provided by the Warrant Agreement.

         2. The  undersigned  Holder elects to pay the aggregate  purchase price
for such shares of common stock (i) by lawful money of the United  States or the
enclosed  certified or official bank check  payable in United States  dollars to
the  order of the  Company  in the  amount of  $______________,  or (ii) by wire
transfer of United  States  funds to the account of the Company in the amount of
$___________,  which  transfer has been made before or  simultaneously  with the
delivery of this Subscription pursuant to the instructions of the Company.

         3. Please issue a stock  certificate or certificates  representing  the
appropriate  number of shares of common stock in the name of the  undersigned or
in such other name(s) as is specified below:

--------------------------------------    --------------------------------------
(Name)                                    (Social Security or Fed ID #)

--------------------------------------    --------------------------------------
(Signature)                               (Address)

--------------------------------------    --------------------------------------
(Date)                                    (Address)

<PAGE>

                                   ASSIGNMENT
                                   ----------

         FOR VALUE RECEIVED  ____________________________  hereby sells, assigns
and transfer unto  ______________________  the foregoing  Warrant and all rights
evidenced    thereby,    and   does    irrevocably    constitute   and   appoint
________________________,  attorney,  to transfer  said  Warrant on the books of
FullNet Communications, Inc.

-------------------------------------- -----------------------------------------
(Name)                                 (Name of Assignee)

-------------------------------------- -----------------------------------------
(Signature)                            (Signature of Assignee)

-------------------------------------- -----------------------------------------
(Social Security or Fed ID #)          (Social Security or Fed ID # of Assignee)

-------------------------------------- -----------------------------------------

-------------------------------------- -----------------------------------------
(Address)                              (Address of Assignee)

--------------------------------------
(Date)

                               PARTIAL ASSIGNMENT
                               ------------------

         FOR VALUE RECEIVED  ____________________________  hereby sells, assigns
and transfer unto  ______________________  the right to purchase _____ shares of
the common stock of FullNet Communications, Inc. by the foregoing Warrant, and a
proportionate  part of said Warrant and the rights evidenced  thereby,  and does
irrevocably  constitute  and  appoint  ________________________,   attorney,  to
transfer that part of said Warrant on the books of FullNet Communications, Inc.

-------------------------------------  -----------------------------------------
(Name)                                 (Name of Assignee)

-------------------------------------  -----------------------------------------
(Signature)                            (Signature of Assignee)

-------------------------------------  -----------------------------------------
(Social Security or Fed ID #)          (Social Security or Fed ID # of Assignee)

-------------------------------------  -----------------------------------------

-------------------------------------  -----------------------------------------
(Address)                              (Address of Assignee)

-------------------------------------
(Date)Exhibit 10.3
                                                                    ------------

Fullnet Communications, Inc.
200 North Harvey Street, Suite 1704
Oklahoma City, OK  73102

Attn:    Mr. Timothy J. Kilkenny, President and Chief Executive Officer

         Re:      Amendments to Financial Advisory Services and
                  Private Placement Engagement Agreements

Dear Tim:

         This  letter  serves as an  amendment  ("Amendment")  to the  Financial
Advisory  Services  Engagement  Agreement  and the Private  Placement/Financings
Engagement  Agreement both dated September 17, 1999 (the  "Agreements")  entered
into by and between  National  Securities  Corporation  ("National") and Fullnet
Communications, Inc. ("FullNet"). Capitalized terms not otherwise defined herein
shall have the meaning ascribed thereto as set forth in the Agreements.

         This Amendment confirms that in consideration of the change in scope of
services  provided to Fullnet by National (the  sufficiency  and receipt of such
services and their change in scope is hereby acknowledged by Fullnet),  that the
parties hereto mutually agree and intend to be legally bound, for themselves and
their respective heirs, legal representatives,  successors and assigns, to amend
such Agreements as follows:

         1.       Upon execution of this Amendment,  that the Financial Advisory
                  Services  Agreement  will be  amended  to  include  Section  3
                  Subsection A.(ix) which shall read as follows: "Provide advice
                  on market-makers and listing  assistance for the NASD Bulletin
                  Board, which may include such services as due diligence,  peer
                  group  valuation  analysis,  negotiations,   coordination  and
                  strategic advice to the Company."

         2.       Upon execution of this Amendment,  that the Financial Advisory
                  Services  Agreement  will be  amended  to  include  Section  3
                  Subsection A.(x) which shall read as follows: "Provide opinion
                  letters,  valuation  opinions and  fairness  opinion for which
                  National will be separately compensated."

         3.       Upon execution of this Amendment,  that the Financial Advisory
                  Services  Agreement  will be  amended  to  include  Section  3
                  Subsection  A.(xi) which shall read as follows:  "Provide such
                  other  services as shall be agreed  between  the parties  from
                  time to time."

<PAGE>

         4.       Upon execution of this Amendment,  that Section 3 B.(i) of the
                  Financial   Advisory  Services  Agreement  will  be  partially
                  amended  to provide  for the  issuance  of  200,000  Shares of
                  Common Stock of the Company to National, not 100,000 Shares as
                  that  the  Financial  Advisory  Services  Agreement  presently
                  states in compensation for services  previously rendered under
                  the services  set forth in item one and two of this  Amendment
                  and  in  Section  3(a)  of  the  Private   Placement/Financing
                  Agreement.

         5.       Upon execution of this Amendment,  that the Financial Advisory
                  Services  Agreement  will be  amended  to  include  Section  3
                  Subsection  B.(iii) which shall read as follows:  "The Company
                  agrees  to pay  National  additional  fees  for  any  and  all
                  services  performed  by National at the request of the Company
                  that  are not  specifically  included  as  Financial  Advisory
                  Services  as provided  for in Section 3 A. of this  Agreement.
                  Such  additional  fees  shall be set  forth  in an  additional
                  engagement  letter to be executed by the parties hereto at the
                  commencement of services to be rendered by National."

         6.       Upon execution of this Amendment,  that the Financial Advisory
                  Services  Agreement  will be  amended  to  include  Section  4
                  Subsection  B.(v) which shall read as  follows:  "The  Company
                  agrees  to pay  National  additional  fees  for  any  and  all
                  services  performed  by National at the request of the Company
                  that  are  not  specifically  included  as  Merger/Acquisition
                  Services  as provided  for in Section 4 A. of this  Agreement.
                  Such  additional  fees  shall be set  forth  in an  additional
                  engagement  letter to be executed by the parties hereto at the
                  commencement of services to be rendered by National."

         7.       Upon  execution of this  Amendment,  that Section 3.(a) of the
                  Private  Placement/Financings  Agreement  will be  amended  to
                  include the following  sentences to be inserted after the last
                  previously existing sentence:  "By no means shall such initial
                  Financing of equity or  equity-related  mezzanine  debt exceed
                  $10  million  or  a  separate   transaction  for  senior  debt
                  securities  exceed $10  million.  Any  amounts to be raised or
                  placed in excess of $10  million for each  Financing  shall be
                  attributed  to an  additional  Financing  and be  subject to a
                  additional  engagement  letter to be  executed  by the parties
                  hereto at the commencement of services to be rendered."

         8.       Upon execution of this Amendment,  that Section 3.(b) and 3.c)
                  of  the  Private  Placement/Financings  Agreement  are  hereby
                  deleted in their entirety and replaced by the following:

                           "(b)  Upon   consummation   of  the  Initial  Private
                  Placement of $10 million  contemplated by this Agreement,  the
                  Company  shall  pay to  National  a cash  placement  fee  (the
                  "Placement  Fee") equal to seven percent  (7.0%) of the dollar
                  value of the Initial Private Placement and a five-year warrant
                  for 70,000 shares of common stock with an exercise price equal
                  to the equity related share price paid by the investors in the
                  Initial  Private  Placement.  The Company agrees that National
                  shall have a first right of refusal to  represent  the Company
                  in any dditional  Private  Placements  and/or public offerings
                  and that such Private  Placements or public offerings shall be
                  subject to a separate  engagement letter to be executed by the
                  parties  hereto  at  the   commencement   of  services  to  be
                  rendered."

<PAGE>

                           "(c)  National  shall be paid  three per cent (3%) on
                  the initial  senior debt  financing  of $10 million  ("Initial
                  Senior  Debt  Financing").   Additionally,  National  and  the
                  Company  agree  that  National  shall  have a first  right  of
                  refusal to represent the Company in its undertaking of any and
                  all additional Debt Financings.  Such Debt Financings shall be
                  subject to a separate  ngagement  letter to be executed by the
                  parties hereto at the  commencement of services to be rendered
                  by National."

                           [Signature Page to Follow]

<PAGE>

         In all other  respects,  the Agreements  shall remain  unchanged and in
full force and effect.  Please  signify  your  agreement  with the  foregoing by
countersigning this letter in the space provided below.

                                            Very truly yours,

                                            NATIONAL SECURITIES CORPORATION

                                            By:  /s/  Steven A. Rothstein
                                                --------------------------------
                                                      Steven A. Rothstein
                                                      Chairman

         Agreed to and Accepted this                  day of           , 2000.
                                     ----------------        ----------

         FULLNET COMMUNICATIONS, INC.

         By:    /s/  Timothy J. Kilkenny
               -----------------------------------
         Name:       Timothy J. Kilkenny
         Title:      President and CEO

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