Document:

THIS PROMISSORY  NOTE HAS NOT BEEN REGISTERED  UNDER THE SECURITIES ACT OF 1933,
AS  AMENDED  (THE  "ACT"),  NOR UNDER ANY  STATE  SECURITIES  LAW AND MAY NOT BE
PLEDGED,  SOLD,  ASSIGNED,  HYPOTHECATED  OR OTHERWISE  TRANSFERRED  UNTIL (1) A
REGISTRATION  STATEMENT WITH RESPECT  THERETO IS EFFECTIVE UNDER THE ACT AND ANY
APPLICABLE  STATE  SECURITIES  LAW OR (2) THE  COMPANY  RECEIVES  AN  OPINION OF
COUNSEL TO THE  COMPANY OR OTHER  COUNSEL TO THE HOLDER OF SUCH NOTE WHICH OTHER
COUNSEL IS REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH NOTE MAY BE PLEDGED,
SOLD,  ASSIGNED,  HYPOTHECATED OR TRANSFERRED WITHOUT AN EFFECTIVE  REGISTRATION
STATEMENT UNDER THE ACT OR APPLICABLE STATE SECURITIES LAWS.

                          FULLNET COMMUNICATIONS, INC.
                               14% Promissory Note

DATED:                                                     __________ ____, 2000

PRINCIPAL AMOUNT (US$):    $_________

FULLNET COMMUNICATIONS, INC., an Oklahoma corporation (the "Company"), for value
received,   hereby   promises   to  pay  to   _________________,   residing   at
__________________________________________________  or  registered  assigns (the
"Payee" or "Holder")  upon due  presentation  and  surrender of this Note on the
Repayment   Date   (as   hereinafter    defined)   the   principal   amount   of
_________________________________,  and accrued  interest thereon as hereinafter
provided.

1.       PAYMENT OF PRINCIPAL AND INTEREST; METHOD OF PAYMENT.

         1.1 Payment. Payment of the principal and accrued interest on this Note
shall be made in such coin or currency of the United States of America as at the
time of  payment  shall be legal  tender for the  payment of public and  private
debts.  Interest (computed for the actual number of days elapsed on the basis of
a year  consisting of 365 days) on the unpaid portion of said  principal  amount
from  time to time  outstanding  shall  be paid by the  Company  at the  rate of
fourteen  percent (14%) per annum (the "Stated  Interest  Rate"),  said interest
payable to the Payee on the 10th day following  the end of each calendar  month.
The  principal  shall be due and payable on the  Repayment  Date,  which payment
shall be made only upon  presentation  and surrender of this Note to the Company
at its address set forth  herein.  The Company  will pay or cause to be paid all
sums  becoming  due  hereon  for  principal  and  interest  by check sent to the
Holder's  above address or to such other address as the Holder may designate for
such purpose from time to time by written notice to the Company,

                                  Page 1 of 6

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         1.2      Repayment Date.

                  (a) For purposes hereof,  unless sooner repaid by the Company,
         the "Repayment Date" shall mean the earlier of the following dates: (i)
         the date  which is  within  five  (5) days of  receipt  of funds by the
         Company of any  offering  raising  gross  proceeds to the Company of at
         least $1,250,000  (which offering the Company intends to conduct but of
         which there is no assurance);  provided,  however,  if funds related to
         any such offering are received in tranches,  "Repayment  Date" shall be
         deemed to mean the date  which is within  five (5) days of  receipt  of
         first funds received by the Company,  or (ii) the date which is six (6)
         months after the above-stated  issuance date of this Note (the "Initial
         Six-Month Term"), unless extended pursuant to Section 1.2(b) hereunder.

                  (b) The Company  may, by written  notice to the Holder  within
         ten (10) days prior to the end of the  Initial  Six-Month  Term and the
         delivery to Holder with such notice of  ___________  Warrants  (as such
         term is defined in Section 1.3 hereof),  extend the Repayment  Date for
         an  additional  ninety  (90)  days  (the  "First  Extension   Period");
         provided,  however,  that the  Company  may,  by written  notice to the
         Holder  within  ten (10) days  prior to the end of the First  Extension
         Period  and  the  delivery  to  Holder  with  such  notice  of  another
         ___________  Warrants  (as such term is defined in Section 1.3 hereof),
         extend the  Repayment  Date for a second  ninety  (90) day period  (the
         "Second Extension Period"), in which case all principal and any accrued
         and unpaid interest thereon shall be due and payable on the last day of
         the Second Extension Period.

         1.3  Issuance of Common  Stock  Purchase  Warrants.  In addition to the
interest  payable  pursuant to Section 1.1 above, the Company agrees to issue to
the Holder as additional compensation, __________ common stock purchase warrants
(the  "Warrants"),  giving  the Holder the right to  purchase  from the  Company
___________  shares of the Company's $.00001 common stock ("Common  Stock"),  at
the per share price and on the terms set forth in the Warrants,  a form of which
is attached hereto as Exhibit "A." The Warrants are deemed earned on the initial
advance by the Holder under this Agreement and will not terminate on the payment
or prepayment of this Note.

         1.4  Prepayment.  The  Note  may be  prepaid  in full or in part by the
Company at any time prior to the  Repayment  Date.  Any  prepayment of this Note
shall be applied first to any accrued but unpaid interest, then to the principal
amount of the Note.

2.       RANKING OF NOTE.

         2.1 Junior to Existing  Debt. The Company,  for itself,  its successors
and assigns,  covenants and agrees,  and the Payee and each successive Holder by
acceptance of this Note,  likewise  covenants and agrees that the payment of the
principal of and interest on this Note ranks  junior and is  subordinate  to all
existing indebtedness, including trade debt.

                                  Page 2 of 6

<PAGE>

         2.2 Indebtedness. "Indebtedness" means (a) any liability of the Company
(i) for borrowed  money, or (ii) evidenced by a note,  debenture,  bond or other
instrument of  indebtedness  (including,  without  limitation,  a purchase money
obligation),  given in connection  with the  acquisition of property,  assets or
services, (iii) for the payment of rent or other amounts relating to capitalized
lease  obligations,  or (iv) trade  accounts  payable and trade credit;  (b) any
liability of others  described in the preceding clause (a) which the Company has
guaranteed or which is otherwise its legal liability;  and (c) any modification,
renewal, extension,  replacement or refunding of any such liability described in
the preceding clauses (a) and (b) except that Indebtedness.

         2.3 Further  Actions.  The Holder agrees to execute such  subordination
agreements, instruments or waivers as may be reasonably necessary to reflect the
subordination of this Note to the Indebtedness.

3.       REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

         The Company represents and warrants to the Holder that the Company:

                  (a) is a corporation  duly organized,  validly existing and in
         good standing under the laws of the State of Oklahoma;

                  (b) has all  requisite  power and  authority and all necessary
         licenses and permits to own and operate its  properties and to carry on
         its  business  as  now  conducted  and  as  presently  proposed  to  be
         conducted,  the  failure  of which  would not have a  material  adverse
         effect  on  the  business,  operations,   properties,   liabilities  or
         condition (financial or otherwise) of the Company; and

                  (c) has  adequate  authority,  power and legal  right to enter
         into, execute and deliver the Note. On execution and delivery, the Note
         will  be  a  legal,   valid  and  binding  obligation  of  the  Company
         enforceable in accordance with its terms.

4.       EVENTS OF DEFAULT.

         It shall be an Event of  Default  with  respect  to this  Note upon the
occurrence and continuation uncured of any of the following events:

         4.1      Default in Payment, Etc.

                  (a) A default in the  payment  of any  interest  or  principal
         payments on this Note,  and such  default  shall  continue  uncured for
         fifteen (15) days after due date and notice is received  from Holder of
         such default for the making of such interest or principal payment; or

                  (b)  default  in the  performance,  or  breach,  of any  other
         covenant of the Company in this Note and continuance of such default or
         breach uncured for a period of thirty (30) days after receipt of notice
         as to such  breach or after the  Company  knew or should  have known of
         such breach.

                                  Page 3 of 6

<PAGE>

         4.2  Bankruptcy.  The  entry  of a decree  or  order by a court  having
jurisdiction  adjudging  the Company a bankrupt  or  insolvent,  or  approving a
petition seeking reorganization, arrangement, adjustment or composition of or in
respect of the  Company,  under  federal  bankruptcy  law,  as now or  hereafter
constituted, or any other applicable federal or state bankruptcy,  insolvency or
other similar law, and the  continuance of any such decree or order unstayed and
in effect for a period of sixty (60) days; or the commencement by the Company of
a voluntary case under federal bankruptcy law, as now or hereafter  constituted,
or any  other  applicable  Federal  or state  bankruptcy,  insolvency,  or other
similar law, or the consent by it to the institution of bankruptcy or insolvency
proceedings  against  it, or the filing by it of a petition or answer or consent
seeking  reorganization  or relief  under  federal  bankruptcy  law or any other
applicable  Federal  or state  law,  or the  consent by it to the filing of such
petition or to the  appointment of a receiver,  liquidator,  assignee,  trustee,
sequestrator or similar  official of the Company or of any  substantial  part of
its property, or the making by it of an assignment for the benefit of creditors,
or the admission by it in writing of its inability to pay its debts generally as
they become due, or the taking of corporate action by the Company in furtherance
of any such action.

5.       REMEDIES UPON DEFAULT.

         5.1  Acceleration.  Upon an Event of Default and at any time during the
continuation thereof, the Holder, by notice in writing given to the Company, may
declare the entire principal of this Note then outstanding to be due and payable
immediately,  and upon any such declaration the same shall become and be due and
payable immediately, anything herein contained to the contrary notwithstanding.

         5.2  Proceedings and Actions.  During the  continuation of any Event of
Default,  the Holder may institute  such actions or proceedings in law or equity
as it shall deem  expedient  for the  protection of its rights and may prosecute
and enforce its claims against all assets of the Company, and in connection with
any such action or  proceeding  shall be  entitled  to receive  from the Company
payment of the principal  amount of this Note plus accrued  interest to the date
of payment plus reasonable expenses of collection including, without limitation,
attorney's fees and expenses.

6.       RESTRICTIONS ON TRANSFER.

         6.1 The Holder  acknowledges  that he has been  advised by the  Company
that this  Note has not been  registered  under the Act,  that the Note is being
issued on the basis of the statutory  exemption  provided by section 4(2) of the
Act and/or  Regulation D promulgated  thereunder  relating to transactions by an
issuer  not  involving  any public  offering,  and that the  Company's  reliance
thereon  is based in part  upon the  representations  made by the  Holder in the
Holder's Investor  Representation  Letter,  previously furnished to the Company.
The Holder  acknowledges  that he has been  informed  by the  Company  of, or is
otherwise  familiar with, the nature of the  limitations  imposed by the Act and
the  rules  and  regulations  thereunder  on  the  transfer  of  securities.  In
particular,  the Holder agrees that no sale,  assignment or transfer of the Note
shall be valid or  effective,  and the Company shall not be required to give any
effect to any such sale, assignment or transfer, unless (i) the sale, assignment
or transfer of the Note is registered  under the Act, it being  understood  that
the Note is not  currently  registered  for sale  and  that the  Company  has no
obligation  or  intention  to so register  the Notes,  or (ii) the Note is sold,
assigned or transferred in accordance with all the  requirements and limitations
of Rule 144 under the Act, it being understood that Rule 144 is not available at
the  present  time for the sale of the Note and that  there can be no  assurance
that Rule 144 sales will be available  at any time in the future,  or (iii) such
sale,  assignment,  or transfer is otherwise exempt from registration  under the
Act. The Holder of this Note and each  transferee  hereof further agrees that if
any  distribution  of this Note is proposed to be made by them otherwise than by
delivery of a prospectus meeting the requirements of Section 10 of the Act, such
action  shall be taken only  after  submission  to the  Company of an opinion of
counsel, reasonably satisfactory in form and substance to the Company's counsel,
to the effect that the proposed distribution will not be in violation of the Act
or of applicable state law. Furthermore, it shall be a condition to the transfer
of this Note that any  transferee  thereof  deliver to the  Company  his written
agreement to accept and be bound by all of the terms and conditions contained in
this Note.

                                  Page 4 of 6

<PAGE>

7.       MISCELLANEOUS.

         7.1 No Recourse. No recourse whatsoever, either directly or through the
Company or any trustee,  receiver or  assignee,  shall be had in any event or in
any manner against any past, present or future stockholder,  director or officer
of the Company for the payment of the  principal  of or interest on this Note or
for any claim based thereon or otherwise in respect this Note, this Note being a
corporate obligation only.

         7.2 Notices. All communications  provided hereunder shall be in writing
and, if to the Company,  delivered  or mailed by  registered  or certified  mail
addressed to FullNet Communications,  Inc., 200 North Harvey Avenue, Suite 1704,
Oklahoma    City,    Oklahoma    73102    or,    if   to    the    Holder,    at
-----------------------------------------------.

         7.3  Lost,  Stolen  or  Mutilated  Note.  In case  this  Note  shall be
mutilated, lost, stolen or destroyed, the Company may, in its discretion,  issue
and  deliver in  exchange  and  substitution  for and upon  cancellation  of the
mutilated Note, or in lieu of and  substitution  for the Note,  lost,  stolen or
destroyed,  a new Note of like tenor and  representing  an  equivalent  right or
interest,  but only upon receipt of evidence satisfactory to the Company of such
loss, theft or destruction and an indemnity, if requested,  also satisfactory to
it.

         7.4 Course of Dealing. No course of dealing between the Company and the
Holder hereof shall operate as a waiver of any right of any Holder  hereof,  and
no delay on the part of the Holder in exercising  any right  hereunder  shall so
operate.

         7.5 Amendments.  This Note may be amended only by a written  instrument
executed by the Company and the Holder hereof.  Any amendment  shall be endorsed
upon this Note, and all future holders shall be bound thereby.

         7.6 Governing Law. This Note shall be construed in accordance  with and
governed by the laws of the State of Oklahoma, without giving effect to conflict
of laws principles.

                                  Page 5 of 6

<PAGE>

         DATED the date first written above.

                                    FULLNET COMMUNICATIONS, INC.

                                    By:________________________________________
                                          Timothy J. Kilkenney,
                                          President and Chief Executive Officer
(SEAL)

Attest:

________________________________
Jeanette C. Timmons, Secretary

                                  Page 6 of 6FULLNET COMMUNICATIONS, INC.
                            (an Oklahoma corporation)

                                WARRANT AGREEMENT

                                                       _____________ _____, 2000

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

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

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

----------------:

         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  "A,"  (each,  a "Warrant
Certificate")  shall be issued to you concurrently  with the execution hereof in
consideration of the Promissory Loan in the amount of $____________  pursuant to
the terms of the 14%  Promissory  Note dated of even date herewith (the "Note").
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 $.01 per share (the  "Exercise
Price"); provided,  however, that in the event the Company desires to extend for
ninety (90) days the maturity  date of the Note,  the Company shall issue to you
the right to  purchase  an  additional  ________  shares of Common  Stock at the
Exercise  Price.  The Company shall have the option to extend for two (2) ninety
(90) day  periods  the  maturity  date of the Note,  subject in each case to the
grant of additional Warrants as set forth in the preceding sentence.

         2.  Exercise of  Warrants.  At any time and from time to time after the
date hereof and expiring on the fifth  anniversary of the effective date of this
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.

                                      -1-

<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.  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.

         3.       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  3(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  3(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.

                                      -2-

<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 as consideration for acquisitions of additional  businesses by the
         Company and (ii) registrations  relating 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
         3(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 3, 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.

         4. 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.

         5.  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.

         6.  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.

                                      -3-

<PAGE>

         7.  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.

         8. 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;  or (v) a person that receives a Warrant upon
death of a holder pursuant to will, trust, or the laws of intestate succession.

         9.  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.

         10.  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.

         11.  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.

         12.  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: _______________________________________
                                      Timothy J. Kilkenny, President and CEO

ACCEPTED AS OF THE ______ DAY OF _______________, 2000:

_______________________________________

                                      -4-

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