Document:

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                                                                    EXHIBIT 10.1

                         BRIDGE LOAN FINANCING AGREEMENT

        THIS BRIDGE LOAN FINANCING AGREEMENT ("Financing Agreement") is dated as
of May 9, 2001, by and between ESAT, INC., a Nevada corporation, with
headquarters located at 16520 Harbor Boulevard, Bldg. G, Fountain Valley,
California 92708 (the "Company"), and WENTWORTH LLC, having an office at
Corporate Center, West Bay Road, Grand Cayman (the "Investor").

                               W I T N E S S E T H

        WHEREAS, the Company wishes to induce the Investor to loan to the
Company, and the Investor is willing to loan to the Company, subject to the
terms and conditions set forth herein, up to One Million Three Hundred
Thirty-Two Thousand Six Hundred and Fifty Five ($1,332,655) Dollars.

        NOW, THEREFORE, for and in consideration of the premises and the mutual
agreement contained herein and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

        1. LOAN. (a) Subject to the terms and conditions set forth herein, the
Investor shall loan to the Company One Million Three Hundred Thirty-Two Thousand
Six Hundred and Fifty Five ($1,332,655) Dollars (the "Loan") in one or more
installments, by delivery of such amount to the Company in same day U.S. funds
by wire transfer to an account designated by the Company. The Loan includes the
obligation under a prior Note delivered by the Company to the Investor due April
30, 2001 in the amount of $325,000 and accrued interest of $7,655 through such
date.

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                (2)     The Investor shall not be obligated to advance funds
                        unless they shall have received at least ten (10)
                        business days written notice from the Company, setting
                        forth the amount requested and the use of said proceeds,
                        and further provided, that all interest to the date of
                        funding shall have been paid. Upon each funding
                        hereunder, the Company shall deliver a Certificate of an
                        executive officer of the Company, substantially in the
                        form annexed hereto as Exhibit D.

No more than one (1) draw shall be permitted during any calendar month. The
Investor shall be under no obligation to advance in excess of $800,000, unless
on or prior to August 30, 2001, the Company shall have secured from its
executive officers and members of its Board of Directors, an unsecured
subordinate loan in the principal amount of not less than $200,000 at an
interest rate not exceeding eight percent (8%) per annum, with a maturity date
not prior to December 31, 2003, and interest payable on the maturity. The
Company covenants that in the event it receives any funds whether as a result of
the sale of stock, or the sale of all or substantially all of the assets of
Pacific Net Technologies, Inc., Inter-Wireless, Inc., or from the sale or
licensing of its VOS technology or any other cash investment, it shall, after
paying all reasonable expenses in connection with such sale, immediately pay the
balance thereof to the Investor in reduction of the amounts outstanding under
the Note.

                (3)     As additional consideration hereunder, the Company shall
                        issue pro rata for every $100,000 of the Loan, a warrant
                        to purchase twenty thousand (20,000) shares of Common
                        Stock, exercisable for a period of five (5) years at a
                        price

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equal to one hundred ten (110%) percent of the Average Closing Bid price of the
Company's common stock on the Principal Trading Market for the five (5) prior
days to funding, as reported by Bloomberg, L.P. The Warrant shall contain
cashless exercise provisions and shall be substantially in the form annexed
hereto as Exhibit B.

2. NOTE. The terms of the Loan shall be set forth in and evidenced by one or
more [Restated] Secured Promissory Note in substantially the form attached
hereto as Exhibit A in the aggregate amount of One Million Three Hundred
Thirty-One Thousand Eight Hundred Thirty-Eight ($1,331,838) Dollars, payable to
the order of the Investor or its assignees (the "Notes").

3. MUTUAL DELIVERIES.

        (a) Upon the delivery by the Investor of the loan proceeds from time to
time, as provided in Section 1 above, the Company shall deliver to the Investor
the Notes.

        (b) The Company shall also deliver, or cause to be delivered, the
original or execution copies of the following instruments and agreements duly
executed by all parties thereto other than the Investor (together with the Notes
- the "Related Agreements"):

                (i) this Agreement with the Security Interest Provisions
(Exhibit A);

                (ii) the Esat Common Stock Purchase Warrants in the form
attached hereto as Exhibit B (the "Warrants"); and

                (iii) the opinion of counsel in the form annexed hereto as
Exhibit C.

4. REPRESENTATIONS AND WARRANTIES OF THE COMPANY. The Company represents and
warrants to the Investor that:

        (a) The Company has the corporate power and authority to enter into this
Financing Agreement and the Related Agreements and to perform its obligations
hereunder and thereunder. The execution and delivery by the Company of this
Financing Agreement and the Related Agreements and the consummation by the
Company of the transactions contemplated hereby and thereby have been duly
authorized by all necessary corporate action on the part of the Company. This
Financing Agreement and the Related Agreements have been duly executed and
delivered by

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the Company and constitute valid and binding obligations of the Company
enforceable against it in accordance with their respective terms, subject to the
effects of any applicable bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting creditors' rights generally and to the application of
equitable principles in any proceeding (legal or equitable).

        (b) The execution, delivery and performance by the Company of this
Financing Agreement and the Related Agreements and the consummation of the
transactions contemplated hereby and thereby do not and will not breach or
constitute a default under any applicable law or regulation or of any agreement,
judgment, order, decree or other instrument binding on the Company which breach
or default could reasonably by expected to have a material adverse effect on the
Company.

        (c) Except as set forth in Schedule 4(c) hereto, the Company is in
material compliance with all applicable laws, regulations, judgments, decrees
and orders material to the conduct of its business.

        (d) Except as set forth in Schedule 4(d) hereto, there is no pending, or
to the knowledge of the Company, threatened, judicial, administrative or
arbitral action, claim, suit, proceeding or investigation which might affect the
validity or enforceability of this Financing Agreement or the Related Agreements
or which involves the Company and which if adversely determined, could
reasonably be expected to have a material adverse effect on the Company.

        (e) No consent or approval of, or exemption by, or filing with, any
party or governmental or public body or authority is required in connection with
the execution, delivery and performance under this Financing Agreement or the
Related Agreements or the taking of any action contemplated hereunder or
thereunder.

        (f) The Company has been duly organized and is validly existing as a
corporation in good standing under the laws of the jurisdiction of its
incorporation. The Company is duly qualified and licensed and in good standing
as a foreign corporation in each jurisdiction in which its current ownership or
leasing of any properties or its ownership or leasing of any properties or the
character of its operations as currently conducted requires such qualification
or licensing,

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except where the failure to be so qualified would not have a material adverse
effect on the Company. The Company has all corporate power and authority, and
has obtained all necessary authorizations, approvals, orders, licenses,
certificates, franchises and permits of and from all governmental or regulatory
officials and bodies necessary to own or lease its properties and conduct its
business other than those authorizations, approvals and such other documents the
lack of which could not reasonably be expected to have a material adverse effect
on the Company.

        (g) The execution, delivery and performance of this Agreement by the
Company and the Related Agreements to be delivered hereunder and the
consummation of the transactions contemplated hereby and thereby will not: (i)
violate any provision of the Company's articles of incorporation or bylaws, (ii)
violate, conflict with or result in the breach of any of the terms of, result in
a material modification of the effect of, otherwise, give any other contracting
party the right to terminate, or constitute (or with notice or lapse of time or
both constitute) a default under, any contract or other agreement to which the
Company is a party or by or to which the Company or any of the Company's assets
or properties may be bound or subject, (iii) violate any order, judgment,
injunction, award or decree of any court, arbitrator or governmental or
regulatory body by which the Company, or the assets or properties of the Company
are bound, (iv) to the Company's knowledge, violate any statute, law or
regulation.

        (h) Except as set forth in Schedule 4(h) hereto, there has been no
material change in the capitalization, assets, or liabilities of the Company
since the issuance of the financial statements, for the period ending December
31, 2000, delivered to Investor, nor is the Company in default under, or an
Event of Default has occurred in respect of any Prior Agreement between the
Company and the Investor.

        (i) The Company will use the proceeds received hereunder as set forth in
Schedule 4(i) hereto, and, unless specifically consented to in advance in each
instance by the Investor, the Company shall not, directly or indirectly, use
such proceeds for any loan to or investment in any other corporation,
partnership, enterprise or other person or for the repayment of any outstanding
loan by the Company to any other party.

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        (j) None of the following has occurred during the past ten (10) years
with respect to the Company (or any subsidiary or predecessor entity) or control
person of the Company (a "Person"):

        (1) A petition under the federal bankruptcy laws or any state insolvency
law was filed by or against, or a receiver, fiscal agent or similar officer was
appointed by a court for the business or property of such Person, or any
partnership in which he was a general partner at or within two years before the
time of such filing, or any corporation or business association of which he was
an executive officer at or within two years before the time of such filing;

        (2) Such Person was convicted in a criminal proceeding or is a named
subject of a pending criminal proceeding (excluding traffic violations and other
minor offenses);

        (3) Such Person was the subject of any order, judgment or decree, not
subsequently reversed, suspended or vacated, of any court of competent
jurisdiction, permanently or temporarily enjoining him from, or otherwise
limiting, the following activities:

                (i) Acting, as an investment advisor, underwriter, broker or
dealer in securities, or as an affiliated person, director or employee of any
investment company, bank, savings and loan association or insurance company, as
a futures commission merchant, introducing broker, commodity trading advisor,
commodity pool operator, floor broker, any other person regulated by the
Commodity Futures Trading Commission ("CFTC") or engaging in or continuing any
conduct or practice in connection with such activity;

                (ii) Engaging in any type of business practice; or

                (iii) Engaging in any activity in connection with the purchase
or sale of any security or commodity or in connection with any violation of
federal or state securities laws or federal commodities laws;

        (4) Such person was the subject of any order, judgment or decree, not
subsequently reversed, suspended or vacated, of any federal or state authority
barring, suspending or otherwise

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limiting for more than 60 days the right of such person to engage in any
activity described in paragraph (3) of this item, or to be associated with
persons engaged in any such activity;

        (5) Such person was found by a court of competent jurisdiction in a
civil action or by the CFTC or SEC to have violated any federal or state
securities law, and the judgment in such civil action or finding by the CFTC or
SEC has not been subsequently reversed, suspended, or vacated.

        (k) The Company represents that it has had no dealings in connection
with this transaction with any finder or broker who will demand payment of any
fee or commission from the other party. The Company agrees to indemnify the
Investor against and hold the Investor harmless from any and all liabilities to
any persons claiming brokerage commissions or finder's fees on account of
services purported to have been rendered in connection with this Agreement or
the transactions contemplated hereby.

        (l) Effective upon the mutual execution hereof, the Company, for itself
and on behalf of all affiliated persons and entities, representatives, and all
predecessors in interest, successors and assigns (collectively, the "Releasing
Parties"), hereby releases and forever discharges each of Investor, and
Investor's direct and indirect partners, officers, directors, employees,
affiliates, representatives, agents, trustees, beneficiaries, predecessors in
interest, successors in interest and nominees of and from any and all claims,
demands, actions and causes of action, whether known or unknown, fixed or
contingent, arising prior to the date of execution of this Agreement, that the
Company may have had, may now have or may hereafter acquire with respect to any
matters whatsoever under, relating to or arising from any prior Purchase
Agreement, Registration Statement, and the agreements entered into in connection
therewith (sometimes collectively referred to as the "Prior Agreements"). The
Company also fully waives any offsets it may have with respect to the amounts
owed under the Prior Agreements. Additionally, the Company represents, warrants
and covenants that it has not, and at the time this release becomes effective
will not have, sold, assigned, transferred, or otherwise conveyed to any other
person or entity all or any portion of its rights, claims, demands, actions, or
causes of action herein released.

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5. REPRESENTATIONS AND WARRANTIES OF THE INVESTOR. The Investor hereby
represents and warrants to the Company that:

        (a) The Investor has the corporate power and authority to enter into
this Financing Agreement and the Related Agreements and to perform its
obligations hereunder and thereunder. The execution and delivery by the Investor
of this Financial Agreement and the Related Agreements and the consummation by
the Investor of the transactions contemplated hereby and thereby have been duly
authorized by all necessary corporate action on the part of the Investor. This
Financing Agreement and the Related Agreements have been duly executed and
delivered by the Investor and constitute valid and binding obligations of the
Investor, enforceable against it in accordance with their respective terms,
subject to the effects of any applicable bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting creditors' rights generally and to the
application of equitable principles in any proceeding (legal or equitable).

        (b) The execution, delivery and performance by the Investor of this
Financing Agreement and the Related Agreements and the consummation of the
transactions contemplated hereby and thereby do not and will not breach or
constitute a default under any applicable law or regulation or of any agreement,
judgment, order, decree or other instrument binding on the Investor.

        (c) There is no pending, or to the knowledge of the Investor,
threatened, judicial, administrative or arbitral action, claim, suit, proceeding
or investigation which might affect the validity or enforceability of this
Financing Agreement or the Related Agreements.

        (d) No consent or approval of, or exemption by, or filing with, any
party of governmental or public body or authority is required in connection with
the execution, delivery and performance under this Financing Agreement or the
Related Agreements or the taking of any action contemplated hereunder or
thereunder.

        (e) The Investor has prior substantial investment experience, including
investment in non-listed and non-registered securities and has had the
opportunity to engage the services of an investment advisor, attorney or
accountant to read all of the documents furnished or made

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available by the Company to the Investor in connection with this investment and
to evaluate the merits and risks of this investment.

6. COVENANTS OF THE COMPANY. The Company covenants and agrees that, so long as
the Note shall be outstanding, except as otherwise required under the Related
Agreements, the Company shall:

        (a) Promptly pay and discharge all lawful taxes, assessments and
governmental charges or levies imposed upon it or upon its income and profits,
or upon any of its property, before the same shall become in default as well as
all lawful material claims for labor, materials and supplies which, if unpaid,
might become a lien or charge upon such properties or any part thereof;
provided, however, that it shall not be required to pay and discharge any such
tax, assessment, charge, levy or claim so long as the validity thereof shall be
contested in good faith by appropriate proceedings, and the Company shall set
aside on its books adequate reserves with respect to any such tax, assessment,
charge, levy or claim so contested.

        (b) Pay, or cause to be paid, all material debts and perform, or cause
to be performed, all material obligations promptly and in accordance with the
respective terms thereof.

        (c) Implement and maintain a standard system of accounting in accordance
with generally accepted accounting principles ("GAAP").

        (d) Provide to the Investor the following:

                (i) as soon as available after the end of each fiscal year of
the Company, a consolidated balance sheet of the Company as at the end of that
fiscal year and the related statement of earnings, stockholders' equity and
changes in financial position of the Company for such fiscal year, in accordance
with GAAP and audited by independent certified public accountants of recognized
standing; and

                (ii) as soon as available and in any event within ninety (90)
days after the end of each of the first three quarters of each fiscal year
(commencing the quarter ending September 30, 1999), an unaudited consolidated
balance sheet of the Company as of the end of that quarter, and the related
unaudited statement of earnings of the Company for the period from the beginning

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of that fiscal year to the end of that quarter, certified by the principal
financial officer of the Company as having been prepared in accordance with
GAAP, subject to normal year-end adjustments.

        (e) Do, or cause to be done, all things that may be necessary to (i)
maintain its due organization, valid existence and good standing under the laws
of its state of incorporation; (ii) preserve and keep in full force and effect
all qualifications, registrations and licenses in those jurisdictions in which
the failure to do so could or would have a material adverse effect; (iii)
maintain its power or authority to carry on its business as now conducted; and
(iv) use its best efforts to keep available the services of its key present
employees and agents and maintain its current relations with suppliers,
customers, distributors and joint venture partners (subject to the business
judgment of executive management).

        (f) At all times maintain, preserve, protect and keep material property
used and useful in the conduct of its business in good repair, working order and
condition (subject to normal wear and tear), and from time to time make all
needful and proper repairs, renewals, replacements, betterment and improvements
thereto, so that the business carried on in connection therewith may be properly
conducted at all times.

        (g) Keep adequately insured all property of a character usually insured
by similar corporations and carry such other insurance as is usually carried by
similar corporations.

        (h) At all reasonable times upon the Investor's request and upon advance
notice to the Company and for good reason, permit representatives designated by
the Investor to have access to the books and records relating to the operations
and procedures of the Company (subject to execution of confidentiality
undertakings).

        (i) Not assume, guaranty or otherwise, directly or indirectly, become
liable or responsible for the obligations of any other person or entity, except
for 75% or greater owned subsidiaries, for the purpose of paying or discharging
the obligations of such person or entity unless such guarantees relate to the
business of the Company, are incurred in the ordinary course of its business and
do not exceed in the aggregate $100,000.

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        (j) Not declare or pay any cash dividends or authorize or make any other
distribution on any class of equity securities of the Company, except for the
Series D and Series E Convertible Preferred Stock.

        (k) Except as set forth in Schedule 6(k) hereto, not consolidate with or
merge with or into any entity or sell, lease, transfer, exchange or otherwise
dispose of any material part of its properties and assets except in the ordinary
course of business, however, the Company may engage in any of the foregoing
transactions with a parent or subsidiary of the Company so long as such parent
or subsidiary is no less creditworthy than the Company and such parent or
subsidiary assumes the obligations of the Company hereunder.

        (l) shall not enter into any agreement or understanding which may,
directly or indirectly, cause or effect a change in "control" as defined in Rule
405 under the Securities Act of 1933, without the prior written consent of the
Investor.

7. ASSIGNMENT. This Financing Agreement and the Related Agreements may be
assigned by the Investor to transferees or assignees of the Note, provided that
the Company is, prior to or simultaneously with such transfer, furnished with
written notice of the name and address of such transferee or assignee, and such
assignee agrees in writing to be bound by the terms hereof and provided further
that, if the Note is only assigned or transferred in part, then such assignment
shall only be made in part on an appropriate proportionate basis. If there is a
conflict between this provision and any provision of the Related Agreements,
this provision shall govern.

8. NOTICES. Any notice required or permitted hereunder shall be given in writing
(unless otherwise specified herein) and shall be deemed effectively given upon
personal delivery or seven business days after deposit in the United States
Postal Service, by (a) advance copy by fax, and (b) mailing by express courier
or registered or certified mail with postage and fees prepaid, addressed to each
of the other parties thereunto entitled at the following addresses, or at such
other addresses as a party may designate by ten days advance written notice to
each of the other parties hereto.

COMPANY:             ESAT, INC..

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                               16520 Harbor Boulevard, Bldg. G
                               Fountain Valley, California 92708
                               Telephone No.: (714) 418-3200
                               Telecopier No.: (818) 464-2799

                               with a copy to:

                               Arter & Hadden LLP
                               725 South Figueroa Street, Suite 3400
                               Los Angeles, California 90017
                               Attn:   Dave Decker, Esq.
                               Telephone No.: (213) 430-3000
                               Telecopier No.: (213) 617-9255

PURCHASER: Wentworth LLC
                               Corporate Center
                               West Bay Road
                               Grand Cayman
                               Telephone No.:
                               Telecopier No.: (284) 494-4771

ESCROW AGENT:                  Krieger & Prager, Esqs.
                               39 Broadway, Suite 1440
                               New York, New York 10006
                               Telephone No.: (212) 363-2900
                               Facsimile No.: (212) 363-2999

9. SEVERABILITY. If a court of competent jurisdiction determines that any
provision of this Financing Agreement is invalid, unenforceable or illegal for
any reason, such determination shall not affect or impair the validity, legality
and enforceability of the other provisions of this Financing Agreement. If any
such invalidity, unenforceability or illegality of a provision of this Financing
Agreement becomes known or apparent to any of the parties hereto, the parties
shall negotiate promptly and in good faith in an attempt to make appropriate
changes and adjustments to such provision specifically and this Financing
Agreement generally to achieve as closely as possible, consistent with
applicable law, the intent and spirit of such provision specifically and this
Financing Agreement generally.

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10. EXECUTION IN COUNTERPARTS. This Financing Agreement may be executed in
counterparts, each of which shall be deemed an original, but all of which
together shall constitute the same Financing Agreement.

11. The Company shall pay all fees and disbursements of the Investor with
respect to the preparation and enforcement of this Agreement and the Related
Agreements.

12. GOVERNING LAW. This Agreement and the Related Agreements shall be governed
by and construed in accordance with the laws of the State of California. Each of
the parties consents to the jurisdiction of the federal courts whose districts
encompass any part of the City of Los Angeles or the state courts of the State
of California sitting in the City of Los Angeles in connection with any dispute
arising under this Agreement and hereby waives, to the maximum extent permitted
by law, any objection, including any objection based on forum non coveniens, to
the bringing of any such proceeding in such jurisdictions.

13. RESTATED AGREEMENT. As hereby restated, this Agreement supercedes any prior
agreement between the parties with respect to the subject matter hereof, and the
Notes heretofore delivered pursuant to this Agreement shall be deemed amended in
accordance with the provisions hereof.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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

                                       ESAT, INC.

                                       By:
                                          --------------------------------------
                                           Name:
                                           Title:

                                       WENTWORTH LLC

                                       By:
                                          --------------------------------------
                                           Name:
                                           Title:

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                                  SCHEDULE 4(c)

The Company's Form S-1 Post-Effective Amendment No. 4 has not yet been filed
with the SEC. The Company will file such amendment concurrent with the filing of
its Form 10-Q for the quarter ended March 31, 2001.

<PAGE>   16

                                  SCHEDULE 4(d)

In January, 2000, a claim was asserted against the Company by two shareholders
alleging fraud and material omission of fact as represented by a former Chief
Executive Officer of the Company. The claim alleges damages of $434,000.

On January 24, 2001, i-xposure, Inc. brought an action in the Superior Court for
Orange, California, against the company seeking to enforce certain guaranties
made by the company as a part of a bridge financing transaction for i-xposure.
The complaint seeks to recover approximately $351,000 pursuant to the
guaranties, costs and other relief deemed proper by the court. If the company is
unable to successfully defend this action, it might be forced to seek protection
under the bankruptcy laws.

<PAGE>   17

                                  SCHEDULE 4(h)

There has been no material change in the capitalization, assets, or liabilities
of the Company since the issuance of the financial statements, for the period
ending December 31, 2000. However, the Company is currently considering the sale
of a majority interest in the Pacificnet and Interwireless businesses.

No Event of Default has occurred in respect of any Prior Agreement between the
Company and the Investor, other than as disclosed in Schedule 4(c).

<PAGE>   18

                                  SCHEDULE 4(i)

Use of proceeds is anticipated as follows:

<TABLE>
         <S>                                                  <C>
         A. Inventory                                         $100,000

         B. Deposit on new teleport                           $30,000

         C. Deposit with GE Americom                          $60,000

         D. Funds to Micro Space                              $160,000

         E. Working Capital                                   $300,000

         F. Settlement with Ikon (VOS)                        $50,000

         G. Funds for legal fees                              $200,000

         H. Funds to market SkyFrames and VOS                 $100,000
</TABLE>

<PAGE>   19

                                  SCHEDULE 6(k)

The Company is currently considering the sale of a majority interest in the
PacificNet and Interwireless businesses.

<PAGE>   20

                                                                        ANNEX TO
                                                           BRIDGE LOAN AGREEMENT

                                 FORM OF WARRANT

THESE SECURITIES AND THE SECURITIES ISSUABLE UPON THEIR EXERCISE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933 AND MAY NOT BE TRANSFERRED UNLESS
COVERED BY AN EFFECTIVE REGISTRATION STATEMENT UNDER SAID ACT, A "NO ACTION"
LETTER FROM THE SECURITIES AND EXCHANGE COMMISSION WITH RESPECT TO SUCH
TRANSFER, A TRANSFER MEETING THE REQUIREMENTS OF RULE 144 OF THE SECURITIES AND
EXCHANGE COMMISSION, OR AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER TO THE
EFFECT THAT ANY SUCH TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

                                   ESAT, INC.

                          COMMON STOCK PURCHASE WARRANT

                1. Issuance; Certain Definitions. In consideration of good and
valuable consideration, the receipt of which is hereby acknowledged by ESAT,
INC., a Nevada corporation (the "Company"), WENTWORTH LLC, or registered assigns
(the "Holder") is hereby granted the right to purchase at any time until
____________________(the "Expiration Date"), _________________________ fully
paid and nonassessable shares of the Company's Common Stock, no par value per
share (the "Common Stock"), at an initial exercise price per share (the
"Exercise Price") of ________ subject to further adjustment as set forth herein.

                2. Exercise of Warrants.

                        2.1 General. This Warrant is exercisable in whole or in
part at any time and from time to time at the Exercise Price per share of Common
Stock payable hereunder, payable in cash or by certified or official bank check,
or by "cashless exercise," by means of tendering this Warrant Certificate to the
Company to receive a number of shares of Common Stock equal in Market Value to
the difference between the Market Value of the shares of Common Stock issuable
upon exercise of this Warrant and the cash exercise price thereof. Upon
surrender of this Warrant Certificate with the annexed Notice of Exercise Form
duly executed (which Notice of Exercise Form may be submitted either by delivery
to the Company or by facsimile transmission as provided in Section 8 hereof),
together with payment of the Exercise Price for the shares of Common Stock
purchased, if applicable, the Holder shall be entitled to receive a certificate
or certificates for the shares of Common Stock so purchased. For the purposes of
this Section 2, "Market Value" shall be an amount equal to the average closing
ask price of a share of Common Stock, as reported by Bloomberg, LP, for the five
(5) trading days preceding the Company's receipt of the Notice of Exercise Form
duly executed multiplied by the number of shares of Common Stock to be issued
upon surrender of this Warrant Certificate.

                        2.2 Limitation on Exercise. Notwithstanding the
provisions of this Warrant, the Securities Purchase Agreement (as defined below)
or of the other Transaction Agreements (as defined in the Securities Purchase
Agreement), in no event (except (i) with respect to an automatic conversion, if
any, of the Preferred Stock as provided in the Certificate of Designations or a
conversion pursuant to a Redemption Notice Conversion [as defined in the
Certificate of Designations], (ii) as specifically provided in the Certificate
of Designations as an exception to this provision, or (iii) if the Company is in
default hereunder or under any of the Transaction Agreements, and the Holder has
asserted such default in writing and the applicability of this provision to such
default) shall the Holder be entitled to exercise this Warrant or shall the
Company have the obligation, to issue shares upon such exercise of all or any
portion of this Warrant to the extent that, after such conversion, the sum of
(1) the number of shares of Common Stock beneficially owned by the Holder and
its affiliates (other than shares of Common Stock which may be deemed
beneficially owned through the ownership of the unconverted portion of the
Preferred Stock or unexercised portion of the Warrants), and (2) the number of
shares of Common Stock issuable upon the conversion of the Preferred Stock or
exercise of the Warrants with respect to which the determination of this proviso
is being made, would result in beneficial ownership by the Holder and its
affiliates of

<PAGE>   21

more than 9.99% of the outstanding shares of Common Stock (after taking into
account the shares to be issued to the Holder upon such conversion or exercise).
For purposes of the proviso to the immediately preceding sentence, beneficial
ownership shall be determined in accordance with Section 13(d) of the Securities
Exchange Act of 1934, as amended (the "1934 Act"), except as otherwise provided
in clause (1) of such sentence. The Holder, by its acceptance of this Warrant,
further agrees that if the Holder transfers or assigns any of the Warrants to a
party who or which would not be considered such an affiliate, such assignment
shall be made subject to the transferee's or assignee's specific agreement to be
bound by the provisions of this Section 2.2 as if such transferee or assignee
were the original Holder hereof.

                3. Reservation of Shares. The Company hereby agrees that at all
times during the term of this Warrant there shall be reserved for issuance upon
exercise of this Warrant such number of shares of its Common Stock as shall be
required for issuance upon exercise of this Warrant (the "Warrant Shares").

                4. Mutilation or Loss of Warrant. Upon receipt by the Company of
evidence satisfactory to it of the loss, theft, destruction or mutilation of
this Warrant, and (in the case of loss, theft or destruction) receipt of
reasonably satisfactory indemnification, and (in the case of mutilation) upon
surrender and cancellation of this Warrant, the Company will execute and deliver
a new Warrant of like tenor and date and any such lost, stolen, destroyed or
mutilated Warrant shall thereupon become void.

                5. Rights of the Holder. The Holder shall not, by virtue hereof,
be entitled to any rights of a stockholder in the Company, either at law or
equity, and the rights of the Holder are limited to those expressed in this
Warrant and are not enforceable against the Company except to the extent set
forth herein.

                6. Protection Against Dilution.

                        6.1 Adjustment Mechanism. If an adjustment of the
Exercise Price is required pursuant to this Section 6, the Holder shall be
entitled to purchase such number of additional shares of Common Stock as will
cause (i) the total number of shares of Common Stock Holder is entitled to
purchase pursuant to this Warrant, multiplied by (ii) the adjusted purchase
price per share, to equal (iii) [the dollar amount of] the total number of
shares of Common Stock Holder is entitled to purchase before adjustment
multiplied by the total purchase price before adjustment.

                        6.2 Capital Adjustments. In case of any stock split or
reverse stock split, stock dividend, reclassification of the Common Stock,
recapitalization, merger or consolidation, or like capital adjustment affecting
the Common Stock of the Company, the provisions of this Section 6 shall be
applied as if such capital adjustment event had occurred immediately prior to
the date of this Warrant and the original purchase price had been fairly
allocated to the stock resulting from such capital adjustment; and in other
respects the provisions of this Section shall be applied in a fair, equitable
and reasonable manner so as to give effect, as nearly as may be, to the purposes
hereof. A rights offering to stockholders shall be deemed a stock dividend to
the extent of the bargain purchase element of the rights.

                        6.3 Adjustment for Spin Off. If, for any reason, prior
to the exercise of this Warrant in full, the Company spins off or otherwise
divests itself of a part of its business or operations or disposes all or of a
part of its assets in a transaction (the "Spin Off") in which the Company does
not receive compensation for such business, operations or assets, but causes
securities of another entity (the "Spin Off Securities") to be issued to
security holders of the Company, then

                (a) the Company shall cause (i) to be reserved Spin Off
        Securities equal to the number thereof which would have been issued to
        the Holder had all of the Holder's unexercised Warrants outstanding on
        the record date (the "Record Date") for determining the amount and
        number of Spin Off Securities to be issued to security holders of the
        Company (the "Outstanding Warrants") been exercised as of the close of
        business on the trading day immediately before the Record Date (the
        "Reserved Spin Off Shares"), and (ii) to be issued to the Holder on the
        exercise of all or any of the Outstanding Warrants, such amount of the
        Reserved Spin Off Shares equal to (x) the Reserved Spin Off Shares
        multiplied by (y) a fraction, of which (I) the numerator is the amount
        of the Outstanding Warrants then being exercised, and (II) the
        denominator is the amount of the Outstanding Warrants; and

                                       2
<PAGE>   22

                (b) the Exercise Price on the Outstanding Warrants shall be
        adjusted immediately after consummation of the Spin Off by multiplying
        the Exercise Price by a fraction (if, but only if, such fraction is less
        than 1.0), the numerator of which is the numerator of which is the
        Average Market Price of the Common Stock for the five (5) trading days
        immediately following the fifth trading day after the Record Date, and
        the denominator of which is the Average Market Price of the Common Stock
        on the five (5) trading days immediately following the fifth trading day
        after the Record Date, and the denominator of which is the Average
        Market Price of the Common Stock on the five (5) trading days
        immediately preceding the Record Date; and such adjusted Exercise Price
        shall be deemed to be the Exercise Price with respect to the Outstanding
        Warrants after the Record Date.

For the purposes of this Section 6.3, the "Average Market Price of the Common
Stock" shall mean, for the relevant period, (x) the average closing bid price of
a share of Common Stock, as reported by Bloomberg, LP or, if not so reported, as
reported on the over-the-counter market or (y) if the Common Stock is listed on
a stock exchange, the closing price on such exchange on the date indicated in
the relevant provision hereof, as reported in The Wall Street Journal.

                7. Transfer to Comply with the Securities Act; Registration
Rights.

                        (a) This Warrant has not been registered under the
Securities Act of 1933, as amended, (the "Act") and has been issued to the
Holder for investment and not with a view to the distribution of either the
Warrant or the Warrant Shares. Neither this Warrant nor any of the Warrant
Shares or any other security issued or issuable upon exercise of this Warrant
may be sold, transferred, pledged or hypothecated in the absence of an effective
registration statement under the Act relating to such security or an opinion of
counsel satisfactory to the Company that registration is not required under the
Act. Each certificate for the Warrant, the Warrant Shares and any other security
issued or issuable upon exercise of this Warrant shall contain a legend on the
face thereof, in form and substance satisfactory to counsel for the Company,
setting forth the restrictions on transfer contained in this Section.

                        8. Notices. Any notice or other communication required
or permitted hereunder shall be in writing and shall be delivered personally,
telegraphed, telexed, sent by facsimile transmission or sent by certified,
registered or express mail, postage pre-paid. Any such notice shall be deemed
given when so delivered personally, telegraphed, telexed or sent by facsimile
transmission, or, if mailed, two days after the date of deposit in the United
States mails, as follows:

                      (i)    if to the Company, to:

                             ESAT, INC.
                             Bldg. G
                             16520 Harbor Boulevard
                             Fountain Valley, California 92708
                             ATTN:
                             Telephone No.: (714) 418-3200
                             Telecopier No.: (714)

                      (ii)   if to the Holder, to:

                             Wentworth LLC
                             Corporate Centre
                             West Bay Road
                             Grand Cayman, Cayman Islands

                             with a copy to:

                             Krieger & Prager, Esqs.

                                       3
<PAGE>   23

                             39 Broadway - Suite 1440
                             New York, New York 10006
                             Telecopier No. (212) 363-2999
                             Telephone No.: (212) 689-3322

Any party may be notice given in accordance with this Section to the other
parties designate another address or person for receipt of notices hereunder.

                9. Supplements and Amendments; Whole Agreement. This Warrant may
be amended or supplemented only by an instrument in writing signed by the
parties hereto. This Warrant of even date herewith contain the full
understanding of the parties hereto with respect to the subject matter hereof
and thereof and there are no representations, warranties, agreements or
understandings other than expressly contained herein and therein.

                10. Governing Law. This Warrant shall be deemed to be a contract
made under the laws of the State of New York for contracts to be wholly
performed in such state and without giving effect to the principles thereof
regarding the conflict of laws. Each of the parties consents to the jurisdiction
of the federal courts whose districts encompass any part of the City of New York
or the state courts of the State of New York sitting in the City of New York in
connection with any dispute arising under this Warrant and hereby waives, to the
maximum extent permitted by law, any objection, including any objection based on
forum non conveniens, to the bringing of any such proceeding in such
jurisdictions. To the extent determined by such court, the Company shall
reimburse the Holder for any reasonable legal fees and disbursements incurred by
the Buyer in enforcement of or protection of any of its rights under any of the
Transaction Agreements.

                11. Counterparts. This Warrant may be executed in any number of
counterparts and each of such counterparts shall for all purposes be deemed to
be an original, and all such counterparts shall together constitute but one and
the same instrument.

                12. Descriptive Headings. Descriptive headings of the several
Sections of this Warrant are inserted for convenience only and shall not control
or affect the meaning or construction of any of the provisions hereof.

        IN WITNESS WHEREOF, the parties hereto have executed this Warrant as of
the 29 th day of December, 1999.

                                    ESAT, INC.

                                    By: /s/
                                       -----------------------------------------
                                              Name: Chet Noblett
                                              Its:   Chief Executive Officer &
                                                     Chairman of the Board
Attest:

/s/
---------------------------------
Name:   Mark Basile
Title:  Chief Financial Officer

                                       4
<PAGE>   24

                          NOTICE OF EXERCISE OF WARRANT

        The undersigned hereby irrevocably elects to exercise the right,
represented by the Warrant Certificate, dated as of __________, to purchase
shares of the Common Stock, no par value per share, of ESAT, INC., and tenders
herewith payment in accordance with Section 1 of said Common Stock Purchase
Warrant.

        Please deliver the stock certificate to:

Dated: ____________________

[Name of Holder]

By:

[ ]      CASH:  $_____________________

[ ]      CASHLESS EXERCISE

AGGREGATE MARKET VALUE OF _____ SHARES                    $_______________

AGGREGATE CASH EXERCISE PRICE OF _______ SHARES           $_______________

        DIFFERENCE + MARKET VALUE                         $_______________

        NUMBER OF SHARES ISSUABLE

                                       5<PAGE>   1

                                                                    EXHIBIT 10.2

                                      NOTE

        THIS NOTE HAS NOT BEEN REGISTERED WITH THE UNITED STATES SECURITIES AND
        EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE OR UNDER
        THE SECURITIES ACT OF 1933, AS AMENDED. THE NOTE MAY NOT BE OFFERED,
        RESOLD, PLEDGED OR TRANSFERRED EXCEPT AS PERMITTED UNDER THE ACT
        PURSUANT TO REGISTRATION OR EXEMPTION OR SAFE HARBOR THEREFROM.

NNo._________                                                   US $1,332,655.00

                                   ESAT, INC.

                    RESTATED SECURED NOTE DUE APRIL 30, 2003

        THIS Note is one of a duly authorized issue of up to $1,332,655 by ESAT,
INC., a corporation organized and existing under the laws of the State of Nevada
(the "Company") designated as its Secured Notes, being issued pursuant to a
Financing Agreement between the Company and the Holder.

        FOR VALUE RECEIVED, the Company promises to pay to WENTWORTH LLC, the
registered holder hereof (the "Holder"), the principal sum of One Million Three
Hundred Thirty-Two Thousand Six Hundred and Fifty Five ($1,332,655) Dollars, or
such lesser amount as may be advanced from time to time, on April 30, 2003 (the
"Maturity Date"), and to pay (i) interest at the rate of 8% per annum on the sum
of $325,000 from time to time in arrears on the 30th day of April and September
hereof,(each an "Interest Payment Date") until the Maturity Date; and (ii)
interest on the balance of the principal sum so advanced at four (4%) percent
above the prime rate announced by Citibank N.A., as its prime rate on the first
business day of each month (the "Prime Rate"), but not to exceed twenty-four
(24%) percent per annum; provided, however, that only the Prime Rate portion of
the interest under this subdivision (ii) shall be paid on each Interest Payment
Date and the balance shall accrue compounding monthly and shall be payable on
the Maturity Date, or prior thereto at the option of the Company. Accrual of
interest shall commence on the first such business day to occur after the date
hereof and shall continue until payment in full of the principal sum has been
made or duly provided for. The principal of, and interest on, this Note are
payable in such coin or currency of the United States of America as at the time
of payment is legal tender for payment of public and private debts, at the
address last appearing on the Note Register of the Company as designated in
writing by the Holder from time to time. The Company will pay the principal of
and interest upon this Note on the Maturity Date or the Interest Payment Date as
may be applicable, less any amounts required by law to be deducted, to the
registered holder of this Note as of the tenth day prior to such date and
addressed to such holder at the last address appearing on the Note Register. The
forwarding of such check shall constitute a payment of principal and interest
hereunder and shall satisfy and

<PAGE>   2

discharge the liability for principal and interest on this Note to the extent of
the sum represented by such check plus any amounts so deducted.

        This Note is subject to the following additional provisions:

        1. This Note is issuable in denominations of Ten Thousand Dollars
(US$10,000) and integral multiples thereof at the request of the holder. This
Note is exchangeable for an equal aggregate principal amount of Notes of
different authorized denominations, as requested by the Holder surrendering the
same. No service charge will be made for such registration or transfer or
exchange.

        2. The Company shall be entitled to withhold from all payments of
principal of, and interest on, this Note any amounts required to be withheld
under the applicable provisions of the United States income tax laws or other
applicable laws at the time of such payments, and Holder shall execute and
deliver all required documentation in connection therewith.

        3. This Note has been issued subject to investment representations of
the original purchaser hereof and may be transferred or exchanged only in
compliance with the Securities Act of 1933, as amended (the "Act"), and other
applicable state and foreign securities laws. In the event of any proposed
transfer of this Note, the Company may require, prior to issuance of a new Note
in the name of such other person, that it receive reasonable transfer
documentation including legal opinions that the issuance of the Note in such
other name does not and will not cause a violation of the Act or any applicable
state or foreign securities laws. Prior to due presentment for transfer of this
Note, the Company and any agent of the Company may treat the person in whose
name this Note is duly registered on the Company's Note Register as the owner
hereof for the purpose of receiving payment as herein provided and for all other
purposes, whether or not this Note be overdue, and neither the Company nor any
such agent shall be affected by notice to the contrary.

        4. No provision of this Note shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of, and
interest on, this Note at the time, place, and rate, and in the coin or
currency, herein prescribed. This Note is a direct obligation of the Company.

        5. No recourse shall be had for the payment of the principal of, or the
interest on, this Note, or for any claim based hereon, or otherwise in respect
hereof, against any incorporator, shareholder, officer or director, as such,
past, present or future, of the Company or any successor corporation, whether by
virtue of any constitution, statute or rule of law, or by the enforcement of any
assessment or penalty or otherwise, all such liability being, by the acceptance
hereof and as part of the consideration for the issue hereof, expressly waived
and released.

        6. The Holder of the Note, by acceptance hereof, agrees that this Note
is being acquired for investment and that such Holder will not offer, sell or
otherwise dispose of this Note except under circumstances which will not result
in a violation of the Act or any applicable state Blue Sky or foreign laws or
similar laws relating to the sale of securities. The exercise by Holder of or
failure to so exercise any authority granted herein shall in no manner affect

<PAGE>   3

Company's liability to Holder, and provided, further, that Holder shall be under
no obligation or duty to exercise any of the powers hereby conferred upon them
and they shall be without liability for any act or failure to act in connection
with the collection of, or the preservation of, any rights under any of the
Collateral.

        7. This Note shall be governed by and construed in accordance with the
laws of the State of California. Each of the parties consents to the
jurisdiction of the federal courts whose districts encompass any part of the
City of Los Angeles or the state courts of the State of California sitting in
the City of Los Angeles in connection with any dispute arising under this
Agreement and hereby waives, to the maximum extent permitted by law, any
objection, including any objection based on forum non coveniens, to the bringing
of any such proceeding in such jurisdictions.

        8. The following shall constitute an "Event of Default":

                a.      The Company shall default in the payment of principal or
                        interest on this Note and same shall continue for a
                        period of five (5) days; or

                b.      Any of the representations or warranties made by the
                        Company herein, or in any certificate or financial or
                        other written statements heretofore or hereafter
                        furnished by the Company in connection with the
                        execution and delivery of the Financing Agreement, this
                        Note or the Annex hereto shall be false or misleading in
                        any material respect at the time made; or

                c.      The Company shall fail to perform or observe, in any
                        material respect, any other covenant, term, provision,
                        condition, agreement or obligation of the Financing
                        Agreement, this Note, the Annex hereto, and any prior
                        Securities Purchase Agreement, Registration Rights
                        Agreement, and other agreements entered into in
                        connection therewith ("Prior Agreement") between the
                        Company and the Holder, or any affiliate of the Holder,
                        and such failure shall continue uncured for a period of
                        ten (10) days after written notice from the Holder of
                        such failure; or

                d.      The Company shall fail to perform or observe, in any
                        material respect, any covenant, term, provision,
                        condition, agreement or obligation of the Company, and
                        such failure shall continue uncured for a period of
                        thirty (30) days after written notice from the Holder of
                        such failure; or

                e.      The Company shall (1) admit in writing its inability to
                        pay its debts generally as they mature; (2) make an
                        assignment for the benefit of creditors or commence
                        proceedings for its dissolution; or (3) apply for or
                        consent to the appointment of a trustee, liquidator or
                        receiver for its or for a substantial part of its
                        property or business; or

<PAGE>   4

                f.      A trustee, liquidator or receiver shall be appointed for
                        the Company or for a substantial part of its property or
                        business without its consent and shall not be discharged
                        within ninety (90) days after such appointment; or

                g.      Any governmental agency or any court of competent
                        jurisdiction at the instance of any governmental agency
                        shall assume custody or control of the whole or any
                        substantial portion of the properties or assets of the
                        Company and shall not be dismissed within ninety (90)
                        days thereafter; or

                h.      Any money judgment, writ or warrant of attachment, or
                        similar process in excess of Two Hundred Thousand
                        ($200,000) Dollars in the aggregate shall be entered or
                        filed against the Company or any of its properties or
                        other assets and shall remain unpaid, unvacated,
                        unbonded or unstayed for a period of ninety (90) days or
                        in any event later than five (5) days prior to the date
                        of any proposed sale thereunder; or

                i.      Bankruptcy, reorganization, insolvency or liquidation
                        proceedings or other proceedings for relief under any
                        bankruptcy law or any law for the relief of debtors
                        shall be instituted by or against the Company and, if
                        instituted against the Company, shall not be dismissed
                        within ninety (90) days after such institution or the
                        Company shall by any action or answer approve of,
                        consent to, or acquiesce in any such proceedings or
                        admit the material allegations of, or default in
                        answering a petition filed in any such proceeding; or

                j.      The Company shall have its Common Stock suspended or
                        delisted from an exchange or over-the-counter market
                        from trading for in excess of two trading days.

Then, or at any time thereafter, and in each and every such case, unless such
Event of Default shall have been waived in writing by the Holder (which waiver
shall not be deemed to be a waiver of any subsequent default) at the option of
the Holder and in the Holder's sole discretion, the Holder may consider this
Note immediately due and payable within five (5) days of notice, without
presentment, demand, protest or notice of any kinds, all of which are hereby
expressly waived, anything herein or in any note or other instruments contained
to the contrary notwithstanding, and the Holder may immediately enforce any and
all of the Holder's rights and remedies provided herein or any other rights or
remedies afforded by law.

        9. When Company is in default of this Note, the entire unpaid balance of
interest and principal of this Note shall become immediately due and payable
upon written notice to Company by Holder. Upon failure to make any payment of
any installment of principal or interest when due hereunder, Company further
promises to pay, automatically on all installments of principal and

<PAGE>   5

interest which are not timely paid when due and on the then outstanding
principal balance, additional interest in addition to the rate set forth
hereinabove, so that interest will then accrue at a rate equal to twenty-four
(24%) percent per annum.

        10. Any interest rate provided for hereunder which exceeds the maximum
rate provided by applicable law shall instead be deemed to be such maximum rate
and any interest in excess of such maximum rate paid to Holder shall be applied
to reduce the principal balance of this Note so that in no event shall Holder
receive or be entitled to receive interest in excess of the maximum amount
permitted by applicable law.

        11. Nothing contained in this Note shall be construed as conferring upon
the Holder the right to vote or to receive dividends or to consent or receive
notice as a shareholder in respect of any meeting of shareholders or any rights
whatsoever as a shareholder of the Company, unless and to the extent converted
in accordance with the terms hereof.

        12. The obligation of the Company for payment of principal, interest and
all other sums hereunder is secured by Security Interest Provisions and
Supplemental Security Interest Provisions between the Company and the Holder as
set forth in the Annex hereto.

        13. The Company and the Holder hereby waive a trial by jury in any
action, proceeding or counterclaim brought by either of the parties hereto
against the other in respect of any matter arising out of or in connection with
the Note.

        14. In the event that any action is taken by Company or Holder in
connection with this Note, or any related document or matter, the losing party
in such legal action, in addition to such other damages as he or it may be
required to pay, shall pay reasonable attorneys' fees to the prevailing party.

        15. The obligation of the Company under that 8% Secured Note due April
3, 2003 in the principal amount of $325,000, are incorporated herein and made a
part hereof but nothing contained herein shall be deemed a novation thereof.

        16. The Holders books and records as to the amounts advanced hereunder
and the date of such advances shall be conclusive evidence thereof.

        IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed by an officer thereunto duly authorized.

Dated: April       , 2001

                                       ESAT, INC.

                                       By:
                                          --------------------------------------
                                       -----------------------------------------

<PAGE>   6

                                       (Print Name)

                                       -----------------------------------------
                                       (Title)

<PAGE>   7

                                                           ANNEX TO SECURED NOTE

                    SUBORDINATE SECURITY INTEREST PROVISIONS

        For purposes of this ANNEX, the terms "Company" and "Holder" have the
meanings ascribed to them in the Note to which this Annex is attached.

        Unless otherwise specified, all capitalized terms not otherwise defined
herein shall have the meanings ascribed to them in the Note.

        Section 1. The Security Interests.

        (A) In order (i) to secure the due and punctual fulfillment of its
obligations, advances, interest or other rights under the Funding Agreement, the
Note, or any other Prior Agreements and all other documentation and instruments
reflecting the obligations of the Company to the Holder heretofore or hereafter
delivered by the Company (collectively, the "Company Agreements"), and (ii) to
secure any and all other obligations of the Company to the Holder, whether now
existing or hereafter arising (all of the foregoing hereinafter called
"Obligations"), the Company hereby grants, conveys, transfers and assigns to the
Holder a continuing security interest in the following described fixtures and
personal property (hereinafter collectively called the "Collateral"):

        All assets and properties of whatever kind and description, including
        intellectual property, now or hereafter owned by the Company and all
        accessions, additions or improvements to, all replacements,
        substitutions and parts for, and all proceeds and products of the
        foregoing; all bank and securities accounts of any kind or nature; all
        books, records and documents relating to the foregoing located at the
        principal place of business or any other place of business of the
        Company, or at such other location as the business may hereafter be
        located , or held by any agent, representative or bailee of the Company
        wherever located, together with a perpetual irrevocable license to
        Holder and any successor to copy, utilize, install and otherwise use any
        intellectual property of Company, and all accessions, additions or
        improvements useful or necessary in connection with the installation,
        use, configuration, maintenance or operation of the Collateral.

        (B) The security interests granted pursuant to this Section 1 (the
"Security Interests") are granted as security only and shall not subject the
Holder to, or transfer or in any way affect or modify, any obligation or
liability of the Company under any of the Collateral or any transaction which
gave rise thereto.

        Section 2. Filing; Further Assurances.

                                       1
<PAGE>   8

        (A) The Company will, at its expense, cause to be searched the public
records with respect to the Collateral and will execute, deliver, file and
record (in such manner and form as the Holder may require), or permit the Holder
to file and record, any financing statements, any carbon, photographic or other
reproduction of a financing statement or this Security Agreement (which shall be
sufficient as a financing statement hereunder), any specific assignments or
other paper that may be reasonably necessary or desirable, or that the Secured
Party may request, in order to create, preserve, perfect or validate any
Security Interest or to enable the Holder to exercise and enforce its rights
hereunder with respect to any of the Collateral. Effective upon the existence of
a Company Event of Default (as defined below), the Company hereby appoints
Holder as Company's attorney-in-fact to execute in the name and behalf of
Company such additional financing statements as Holder may request.

        (B) Solely for administrative convenience and not for any other purpose,
each Holder has designated Krieger & Prager as agent for the Holder for purposes
of execution of and identification on any financing statement or similar
instrument referring to or describing the Collateral. Such designation shall
remain in effect until canceled by such Holder; provided, however, that such
cancellation shall not affect the validity of any action theretofore taken by
such agent pursuant to this provision. The Company acknowledges and agrees to
honor such designation.

        Section 3. Representations and Warranties of Company. The Company hereby
represents and warrants to the Holder (a) that, except as set forth in Section
16 here of or in Exhibit A attached hereto, the Company is, or to the extent
that certain of the Collateral is to be acquired after the date hereof, will be,
the owner of the Collateral free from any adverse lien, security interest or
encumbrance; (b) that except for such financing statements as may be described
on Exhibit A attached hereto and made a part hereof, no financing statement
covering the Collateral is on file in any public office, other than the
financing statements filed pursuant to this Security Agreement; (c) that all
additional information, representations and warranties contained in Exhibit B
attached hereto and made a part hereof are true, accurate and complete on the
date hereof.

        Section 4. Covenants of Company. The Company hereby covenants and agrees
with the Holder that the Company (a) will, at the Company's sole cost and
expense, defend the Collateral against all claims and demands of all persons at
any time claiming any interest therein junior to the Holder's interest; (b) will
provide the Holder with prompt written notice of (i) any change in the chief
executive officer of the Company or the office where the Company maintains its
books and records pertaining to the Collateral; (ii) the movement or location of
all or a material part of the Collateral to or at any address other than as set
forth in said Exhibit B; and (iii) any facts which constitute a Company Event of
Default, or which, with the giving of notice and/or the passage of time, could
or would constitute a Company Event of Default, pursuant to Section 7 below; (c)
will promptly pay any and all taxes, assessments and governmental charges upon
the Collateral prior to the date penalties are attached thereto, except to the
extent that such taxes, assessments and charges shall be contested in good faith
by the Company; (d) will immediately notify the Holder of any event causing a
substantial loss or diminution in the value of all or any material part of the
Collateral and the amount or an estimate of the amount of such loss or
diminution; (e) will have and maintain adequate insurance at all times with
respect to the

                                       2
<PAGE>   9

Collateral against risks of fire (including so-called extended coverage) and
theft, and such other risks as are customary in the Company's industry for the
respective items included in the Collateral, such insurance to be payable to the
Holder and the Company as their respective interests may appear, and shall
provide for a minimum of ten (10) days prior written notice of cancellation to
the Holder, and Company shall furnish the Secured Party with certificates or
other evidence satisfactory to the Holder of compliance with the foregoing
insurance provisions; (f) will not sell or offer to sell or otherwise assign,
transfer or dispose of the Collateral or any interest therein, without the prior
written consent of the Holder, except in the ordinary course of business; (g)
will keep the Collateral free from any adverse lien, security interest or
encumbrance (except for encumbrances specified in Exhibit B attached hereto) and
in good order and repair, reasonable wear and tear excepted, and will not waste
or destroy the Collateral or any part thereof; and (h) will not use the
Collateral in material violation of any statute or ordinance the violation of
which could materially and adversely affect the Company's business.

        Section 5. Records Relating To Collateral. The Company will keep its
records concerning the Collateral at its offices designated in Exhibit B or at
such other place or places of business of which the Holder shall have been
notified in writing no less than ten (10) days prior thereto. The Company will
hold and preserve such records and chattel paper and will permit representatives
of the Holder at any time during normal business hours upon reasonable notice to
examine and inspect the Collateral and to make abstracts from such records and
chattel paper, and will furnish to the Holder such information and reports
regarding the Collateral as the Holder may from time to time reasonably request.

        Section 6. General Authority. The Company hereby appoints the Holder the
Company's lawful attorney, with full power of substitution, in the name of the
Company, for the sole use and benefit of the Holder, but at the Company's
expense, to exercise, all or any of the following powers with respect to all or
any of the Collateral during the existence of any Company Event of Default:

        (a) to demand, sue for, collect, receive and give acquittance for any
and all monies due or to become due;

        (b) to receive, take, endorse, assign and deliver all checks, notes,
drafts, documents and other negotiable and non- negotiable instruments and
chattel paper taken or received by the Holder;

        (c) to settle, compromise, prosecute or defend any action or proceeding
with respect thereto;

        (d) to sell, transfer, assign or otherwise deal in or with the same or
the proceeds thereof or the related goods securing the Collateral, as fully and
effectually as if the Holder were the sole and absolute owner thereof;

        (e) to extend the time of payment of any or all thereof and to make any
allowance and other adjustments with reference thereto; and

                                       3
<PAGE>   10

        (f) to discharge any taxes, liens, security interests or other
encumbrances at any time placed thereon;

provided that the Holder shall give the Company not less than ten (10) days
prior written notice of the time and place of any sale or other intended
disposition of any of the Collateral.

        The exercise by Holder of or failure to so exercise any authority
granted herein shall in no manner affect Company's liability to Holder, and
provided, further, that Holder shall be under no obligation or duty to exercise
any of the powers hereby conferred upon them and they shall be without liability
for any act or failure to act in connection with the collection of, or the
preservation of, any rights under any of the Collateral.

        Section 7. Company Events of Default. The Company shall be in default
under this Security Agreement upon the occurrence of any of the following events
(a "Company Event of Default"):

                (i)     if any representation or warranty made by the Company in
                        this ANNEX or in any of the Prior Agreements shall be
                        false or misleading in any material respect; or

                (ii)    the occurrence of a default by the Company under the
                        Note, this ANNEX, or any of the other Prior Agreements.

        Section 8. Remedies Upon Company Event of Default. If any Company Event
of Default shall have occurred, the Holder may exercise all the rights and
remedies of a Holder under the Uniform Commercial Code. The Holder may require
the Company to assemble all or any part of the Collateral and make it available
to the Holder at a place to be designated by the Holder which is reasonably
convenient. The Holder shall give the Company ten (10) days prior written notice
of the Holder's intention to make any public or private sale or sale at a
broker's board or on a securities exchange of the Collateral. At any such sale
the Collateral may be sold in one lot as an entirety or in separate parcels, as
the Holder, in its sole discretion, may determine. The Holder shall not be
obligated to make any such sale pursuant to any such notice. The Holder may,
without notice or publication, adjourn any public or private sale or cause the
same to be adjourned from time to time by announcement at the time and place
fixed for the sale, and such sale may be made at any time or place to which the
same may be adjourned. The Holder, instead of exercising the power of sale
herein conferred upon it, may proceed by a suit or suits at law or in equity to
foreclose the Security Interests and sell the Collateral, or any portion
thereof, under a judgment or decree of a court or courts of competent
jurisdiction.

        Section 9. Application of Collateral and Proceeds. The proceeds of any
sale of, or other realization upon, all or any part of the Collateral shall be
applied in the following order of priorities: (a) first, to pay the reasonable
expenses of such sale or other realization, including, without limitation,
reasonable attorneys' fees, and all expenses, liabilities and advances
reasonably incurred or made by the Holder in connection therewith, and any other
unreimbursed expenses for which the Holder is to be reimbursed pursuant to
Section 14; (b) second, to the payment of the Obligations in such order of
priority as the Holder, in its sole discretion, shall

                                       4
<PAGE>   11

determine; and (c) finally, to pay to the Company, or its successors or assigns,
or as a court of competent jurisdiction may direct, any surplus then remaining
from such proceeds.

        Section 10. Expenses; Holder's Lien. The Company will forthwith upon
demand pay to the Holder: (a) the amount of any taxes which the Holder may have
been required to pay by reason of the Security Interests (including, without
limitation, any applicable transfer taxes) or to free any of the Collateral from
any lien thereon; and (b) the amount of any and all reasonable out-of-pocket
expenses, including, without limitation, the reasonable fees and disbursements
of its counsel, and of any agents not regularly in its employ, which the Holder
may incur in connection with (i) the preparation of any amendments or
modifications of this Security Agreement, (ii) the collection, sale or other
disposition of any of the Collateral; (iii) the exercise by the Holder of any of
the powers conferred upon it hereunder, or (iv) any default by the Company
hereunder.

        Section 11. Termination of Security Interests; Release of Collateral.
Upon the repayment and performance in full of all the Obligations, the Security
Interests shall terminate and all rights to the Collateral shall revert to the
Company. Upon any such termination of the Security Interests or release of
Collateral, the Holder will, at the Company's expense, to the extent permitted
by law, execute and deliver to the Company such documents as the Company shall
reasonably request to evidence the termination of the Security Interests or the
release of such Collateral, as the case may be.

        Section 12. Notices. All notices, demands, requests, consents,
approvals, and other communications required or permitted hereunder shall be in
writing and, unless otherwise specified herein, shall be (a) personally
served,(b) deposited in the mail, registered or certified, return receipt
requested, postage prepaid, (c) delivered by reputable air courier service with
charges prepaid, or (d) transmitted by hand delivery, telegram, or facsimile,
addressed as set forth below or to such other address as such party shall have
specified most recently by written notice given in accordance herewith. Any
notice or other communication required or permitted to be given hereunder shall
be deemed effective (i) upon hand delivery or delivery by facsimile, with
accurate confirmation generated by the transmitting facsimile machine, at the
address or number designated below (if delivered on a business day during normal
business hours where such notice is to be received), or the first business day
following such delivery (if delivered other than on a business day during normal
business hours where such notice is to be received) or (ii) on the second
business day following the date of mailing by express courier service or on the
fifth business day after deposited in the mail, in each case, fully prepaid,
addressed to such address, or upon actual receipt of such mailing, whichever
shall first occur. The addresses for such communications shall be:

        If to the Company:
                                    ESAT, INC..
                                    16520 Harbor Boulevard, Bldg. G
                                    Fountain Valley, California 92708
                                    Telephone No.: (714) 418-3200
                                    Telecopier No.: (818) 464-2799
with a copy (which shall not constitute notice) to:

                                       5
<PAGE>   12

        If to Investor:             Wentworth LLC
                                    Corporate Center
                                    West Bay Road
                                    Grand Cayman
                                    Telephone No.:
                                    Telecopier No.: (284) 494-4771

with a copy (which shall not constitute notice) to:

                                    Krieger & Prager, LLP
                                    Suite 1440
                                    39 Broadway
                                    New York, New York 10006
                                    Telephone:  (212) 363-2900
                                    Facsimile:  (212) 363-2999

Either party hereto may from time to time change its address or facsimile number
for notices under this Section 12 by giving at least ten (10) days' prior
written notice of such changed address or facsimile number to the other party
hereto.

        Section 13. Miscellaneous.

        (a) No failure on the part of the Holder to exercise, and no delay in
exercising, and no course of dealing with respect to, any right, power or remedy
under this Security Agreement shall operate as a waiver thereof; nor shall any
single or partial exercise by the Holder of any right, power or remedy under
this Security Agreement preclude the exercise, in whole or in part, of any other
right, power or remedy. The remedies in this Security Agreement are cumulative
and are not exclusive of any other remedies provided by law. Neither this
Security Agreement nor any provision hereof may be changed, waived, discharged
or terminated orally but only by a statement in writing signed by the party
against which enforcement of the change, waiver, discharge or termination is
sought.

        (b) Unless otherwise defined herein, or unless the context otherwise
requires, all terms used herein which are defined in the California Uniform
Commercial Code have the meanings therein stated.

        (c) The execution and delivery by Company of this Agreement and all
documents delivered in connection herewith have been duly and validly authorized
by all necessary corporate action of Company and this Agreement and all
documents delivered in connection herewith have been duly and validly executed
and delivered by Company. The execution and delivery by Company of this
Agreement and all documents delivered in connection herewith will not result in
a breach or default of or under the Certificate of Incorporation, By-laws or any
agreement of Company. This Agreement and all documents delivered in connection
therewith are legal, valid and binding obligations of Company enforceable
against Company in accordance with their terms.

                                       6
<PAGE>   13

        (e) In the event that any action is taken by Company or Holder in
connection with this Note, or any related document or matter, the losing party
in such legal action, in addition to such other damages as he or it may be
required to pay, shall pay reasonable attorneys' fees to the prevailing party.

     Section 14. Separability. If any provision hereof shall prove invalid or
unenforceable in any jurisdiction whose laws shall be deemed applicable, the
other provisions hereof shall remain in full force and effect in such
jurisdiction and shall be liberally construed in favor of the Holder.

     Section 15. Governing Law. This Annex shall be governed by and construed in
accordance with the laws of the State of California. Each of the parties
consents to the jurisdiction of the federal courts whose districts encompass any
part of the City of Los Angeles or the state courts of the State of California
sitting in the City of Los Angeles in connection with any dispute arising under
this Agreement and hereby waives, to the maximum extent permitted by law, any
objection, including any objection based on forum non coveniens, to the bringing
of any such proceeding in such jurisdictions.

     Section 16. Subordination. The security interest granted hereunder shall be
subordinate only to the security interests granted to the Holder under the
Security Interest Provisions of a certain Secured Note in the principal amount
of $325,000 delivered by the Company to Holder on or about January 24, 2001. The
Company warrants, represents and covenants that except as set forth in this
Section 16, or in the schedules hereto, it has not granted, and will not during
the term of the Note and Financing Agreement, grant a security interest or cause
to be filed any lien or security interest in the Collateral which is or will be
superior or inferior in priority to the security interests and liens under this
Annex.

     Section 17. Jury Trial Waiver. The Company and the Investor hereby waive a
trial by jury in any action, proceeding or counterclaim brought by either of the
parties hereto against the other in respect of any matter arising out of or in
connection with the Note, this Annex or the Prior Agreements.

Acknowledged:

ESAT, INC., Company

By:
   ----------------------------------
Its
   ----------------------------------

STATE OF
        ----------------------
COUNTY OF
         ---------------------

                                       7
<PAGE>   14

     On the ______ day of ________, 2001, before me personally came
_________________________, to me known, who being by me duly sworn, did depose
and say that he resides at _____________________________________,
__________________; that he is the _______________ of ESAT, INC., the
corporation described in and which executed the foregoing instrument as Company;
that he was authorized to execute the foregoing instrument on behalf of said
corporation by the Board of Directors of said corporation; and that he executed
the foregoing instrument voluntarily and of his own free will on behalf of said
corporation.

                                    ____________________________________________
                                    Notary Public
                                    My commission expires:

                                       8
<PAGE>   15

                                    EXHIBIT A

                   FINANCING STATEMENTS ON FILE ON DATE HEREOF

        1.      Financing Statement on Form UCC-1, naming Company, as Company,
                and ____________________________ and certain other parties, as
                Holder, as filed in the office of the Secretary of State of the
                State of __________ on , 2001. This financing statement covers
                collateral substantially similar to the Collateral and
                represents a security interest senior to the security interest
                granted hereby.

Company represents that, except for the security interest referred to in
paragraph 1 above, there are no security interests in the Collateral in favor of
any other party.

<PAGE>   16

                                    EXHIBIT B

                    ADDITIONAL REPRESENTATIONS AND WARRANTIES

        1. The exact title of the Company is

        2. The Company does business under the names:

        3. The Company was incorporated on ________________ under the laws of
the State of Nevada and is in good standing under those laws.

        4. The President of the Company is _____________________ .

        5. The Company is qualified to transact business in: ___________________

        6. The Company's only place(s) of business is/are at:___________________

        7. The Company owns or has an interest in personal property or fixtures
at the following locations:

        Address                                    Record Owner of Real Estate

<PAGE>   17

                                    EXHIBIT C

                       Intellectual Property and Licenses

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