Document:

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                                                                [EXECUTION COPY]

                               AMENDMENT AGREEMENT

         AMENDMENT AGREEMENT, dated as of January 26, 2000, among TRI-LINKS
INVESTMENT TRUST ("Tri-Link"), PICK SAT, INC. (the "Borrower") and PICK
COMMUNICATIONS, CORP. (the "Parent").

                                    RECITALS

         A. Tri-Links, the Borrower and the Parent are parties to that certain
Loan Agreement (the "Loan Agreement"), dated as of November 3, 1999, pursuant to
which Tri-Links agreed to lend up to $500,000 to the Borrower on a revolving
basis (the "Loan"). Capitalized terms used but not otherwise defined herein have
the meanings given to them in the Loan Agreement.

         B. In connection with the Loan Agreement, Tri-Links and the Borrower
entered into the Borrower Security Agreement (the "Borrower Security
Agreement"), dated as of November 3, 1999, pursuant to which the Borrower
granted a security interest in substantially all of its assets to Tri-Links to
secure repayment of the Borrower's obligations under the Loan Agreement.

         C. In connection with the Loan Agreement, Tri-Links and the Parent
entered into the Parent Guarantee Agreement (the "Parent Guarantee Agreement"),
dated as of November 3, 1999, pursuant to which the Parent agreed, on a
subordinate basis, to guarantee the repayment of the Borrower's obligations
under the Loan Agreement.

         D. Tri-Links, the Borrower and the Parent now wish to amend the Loan
Agreement as set forth herein.

                                    AGREEMENT

         In consideration of the premises and the agreements, provisions and
covenants herein contained, and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereto,
intending to be legally bound, hereby agree as follows:

         Section 1. Amendment to the Loan Agreement. Tri-Links, the Borrower and
the Parent hereby agree that Section 2.02(a) of the Loan Agreement is hereby
amended in its entirety to read as follows:

         "(a) Commitment Amount. For purposes of this Agreement, the
"Commitment" of the Lender shall mean an amount equal to $1,000,000, as such
amount may be reduced or limited from time to time as set forth in this Section
2.02; provided, however, that the Lender shall not be obligated to make Loans
under the Loan Documents in excess of $500,000 and may make such Loans in excess
of $500,000 under the Loan Documents in its sole and absolute discretion."
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         Section 2. Loan Agreement in Full Force and Effect. Each party
acknowledges and agrees that the Loan Agreement remains in full force and
effect, without modification (except as set forth herein), and shall remain in
full force and effect.

         Section 3. Miscellaneous. The provisions of Sections 10.01 through
10.09 of the Loan Agreement are herein incorporated by reference as if such
Sections were set forth directly in this Amendment.

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed and delivered as of the date first written above.

                                       TRI-LINKS INVESTMENT TRUST, by Wilmington
                                                     Trust Company as Trustee

                                        By: /s/ David A. Vanaskey, Jr.
                                            ------------------------------------
                                            Name: David A. Vanaskey, Jr.
                                            Title: Vice President

                                        PICK SAT, INC.

                                        By: /s/ Diego Leiva
                                            ------------------------------------
                                            Name: Diego Leiva
                                            Title: Chairman

                                        PICK COMMUNICATIONS, CORP.

                                        By: /s/ Diego Leiva
                                            ------------------------------------
                                            Name: Diego Leiva
                                            Title: Chairman

                                        2<PAGE>

                              TERMINATION AGREEMENT

                  THIS TERMINATION AGREEMENT, dated as of the 13th day of
January 2000, by and among PICK COMMUNICATIONS CORP, a Nevada corporation
("Pick") LEBOW INVESTMENTS LTD., a British Virgin Island corporation ("Lebow")
and ATLANTIC TELENETWORK, INC., a Delaware corporation ("ATN").

                                    RECITALS
                                    --------

                  WHEREAS, Lebow and ATN entered into that certain Option
Agreement dated as of September 13, 1999 (the "Option Agreement") relating to
the purchase of all the outstanding capital stock of PICK Net, Inc. and PICK Net
UK PLC (the "Companies"); and

                  WHEREAS, Lebow and ATN have made a mutual decision not to
complete the transaction contemplated by the Option Agreement; and

                  WHEREAS, neither Lebow nor ATN has commenced performance under
the Option Agreement, and Lebow and ATN wish to terminate the Option Agreement
and declare it a nullity, without any liability or obligation on the part of
either party thereto; and

                  WHEREAS, in consideration for terminating the Option
Agreement, the Board of Directors of PICK, the parent of the Companies, has
authorized the issuance to ATN of warrants (the "Warrants") to purchase one
million shares of the common stock of PICK at an exercise price of $2.00 per
share.

                  NOW, THEREFORE, Pick, Lebow and ATN agree as follows:

1. Pick hereby represents and warrants to ATN:

   1.1. The total number of shares of common stock which Pick has outstanding
        or has committed to issue, under options, warrants, convertible
        securities or contractual agreements or arrangements of any kind
        whatsoever, does not exceed 16 million shares of common stock as of
        the date of this Termination Agreement;

   1.2. The Warrants have been duly authorized by the board of directors of
        Pick, and the issuance of the Warrants will not violate any provision
        of Pick's certificate of incorporation or bylaws or any agreement (of
        any nature whatsoever) to which Pick or any of its subsidiaries or
        affiliates is a party and, except with respect to the number of shares
        of common stock issuable upon conversion of Pick's 10% Senior Secured
        Notes in the original aggregate principal amount of $9,900,000, will
        not give rise to any right of any stockholder or any other person to
        acquire shares of common stock of Pick from Pick.

2. On or prior to January 7, 2000, Pick shall issue and deliver to ATN a
certificate or certificates for the Warrants, which shall be substantially in
the form of Exhibit A to this Termination Agreement.

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3. Subject to the accuracy of the representations and warranties made by Pick in
paragraph 1 of this Termination Agreement and to the receipt by ATN of the
Warrants on or before January 7, 2000 in accordance with paragraph 2 of this
Termination Agreement, Lebow and ATN agree that the Option Agreement is hereby
terminated and declared null and void, and neither Lebow nor ATN shall have any
further liability or obligation to the other arising under the Option Agreement.

4. This Termination Agreement shall have no effect upon any obligations of the
Companies or Pick or any of its subsidiaries under the Discretionary Credit
Agreement dated as of September 13, 1999 among the Companies and ATN or any
Credit Documents (as defined in said Discretionary Credit Agreement) or any
promissory notes heretofore issued by the Companies or by PICKSat Inc. to ATN.

                  IN WITNESS WHEREOF, Pick, Lebow and ATN have caused this
Termination Agreement to be executed by its duly authorized representative as of
the date first above written.

PICK COMMUNICATIONS CORP.

By: /s/ Diego Leiva
    -------------------------------
    Name: Diego Leiva
    Title: Chairman

LEBOW INVESTMENTS LTD.                     ATLANTIC TELENETWORK, INC.

By: /s/ Robert Sams                        By: /s/ Steven M. Ross
    -------------------------------            ------------------------------
    Name: Robert Sams                          Name: Steven M. Ross
    Title: President                           Title: Chief Financial Officer

                                      -2-<PAGE>

                                                                       Exhibit 2

                                    GUARANTEE

         Guarantee dated September 13, 1999 (this "Guarantee") from PICKSat,
Inc., a Delaware corporation with offices at 8401 NW 53rd Terrace, Suite 119,
Miami, FL 33166 (the "Guarantor"), to Atlantic Tele-Network, Inc. with offices
at 19 Estate Thomas/Havensight, St. Thomas, U.S. Virgin Islands 00802 ("ATN").

                                   WITNESSETH

         WHEREAS, ATN has heretofore made certain loans to the Guarantor which
are payable on demand and has entered into a Discretionary Credit Agreement
dated as of the date of this Guarantee (as from time to time in effect, the
"Credit Agreement") with PICKNet, Inc. ("PICKNet"), and PICKNet UK PLC,
("PICKNet UK" and, together with PICKNet, Inc., the "Companies"), affiliates of
the Guarantor, pursuant to which ATN in its discretion may lend up to $5,000,000
to the Companies'.

         WHEREAS, said loans to the Companies provide various tangible and
intangible benefits to the Guarantor,

         WHEREAS, the Guarantor desires that ATN continue to extend credit to
the Guarantor; and

         WHEREAS, pursuant to the requirements of the Credit Agreement,
Guarantor has entered into this Guarantee in order to induce ATN to lend sums to
the Companies pursuant to the Credit Agreement and to continue to extend credit
to the Guarantor. The Guarantor acknowledges that ATN will make such loans in
reliance on this Guarantee being a continuing irrevocable agreement, and the
Guarantor agrees that this Guarantee may not be revoked in whole or in part. The
Guarantor acknowledges that ATN has advised it that ATN is unwilling to extend
credit to the Companies or to continue to extend credit to the Guarantor unless
this Guarantee is given on the terms provided herein. Capital terms defined in
the Credit Agreement and not otherwise defined herein are used herein with the
meaning so defined.

         NOW THEREFORE, in consideration of the foregoing and the terms and
conditions appearing in this Guarantee, the parties hereto agree as follows.

1.       Guarantee.

         The Guarantor unconditionally and irrevocably guarantees as primary
obligor and not merely as surety the punctual payment when due, whether at
stated maturity, by acceleration or otherwise, of all Credit Obligations of the
Companies, including all extensions, modifications, substitutions, amendments
and renewals thereof, whether for principal, interest (including without
limitation interest on any overdue principal, premium and interest at the rate
specified in the Note), fees, expenses or otherwise. The Guarantor also agrees
to pay, in addition to the amount stated above, all reasonable expenses
(including reasonable counsel fees and expenses) incurred by ATN in enforcing
any rights under this Guarantee or in connection with any amendment of this
Agreement.

<PAGE>

Notwithstanding the foregoing, this Guarantee shall terminate and be null and
void at such time as the closing under the Stock Purchase Agreement, dated the
date of this Guarantee, between Pick Communications Corp. and Lebow Investments
Ltd. shall have occurred 'in accordance with the terms and conditions of the
Stock Purchase Agreement and the Letter Agreement dated the date of this
Guarantee between Pick Communications Corp. and ATN with respect to the
Companies and without the waiver of any of the terms or conditions of the Stock
Purchase Agreement except for any waivers made with the written consent of ATN.

2.       Method of Payment.

         All payments to be paid by Guarantor to ATN pursuant to this Guarantee
shall be paid by wire transfer in immediately available funds to ATN in
accordance with instructions delivered to Guarantor by ATN.

3.       Default.

         Each of the following shall constitute an event of Default:

                  (a) The Guarantor shall fall to pay any portion of the amounts
described under the Note.

                  (b) If either of the Companies pursuant to or under or within
the meaning of any Bankruptcy law of any U.S. or foreign jurisdiction:

                           (i)      admits in writing its inability to pay its
                                    debts generally as they become due;

                           (ii)     commences a voluntary case or proceeding-,

                           (iii)    consents to the entry of an order for relief
                                    against it in an involuntary case or
                                    proceeding;

                           (iv)     consents or acquiesces in the institution of
                                    a bankruptcy or insolvency proceeding
                                    against it;

                           (v)      consents to the appointment of a custodian
                                    of it or for all or substantially all of its
                                    property;

                           (vi)     makes a general assignment for the benefit
                                    of its creditors, or any of them takes any
                                    action to authorize or effect any of the
                                    foregoing, or takes any other similar action
                                    under foreign laws relating to insolvency;
                                    or

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<PAGE>

                           (vii)    is placed into involuntary Bankruptcy
                                    proceedings by a creditor or creditors.

                  (c) A court of competent jurisdiction enters an order or
decree under any Bankruptcy law that:

                           (i)      is for relief against either of the
                                    Companies in an involuntary case or
                                    proceeding;

                           (ii)     appoints a custodian of either of the
                                    Companies for all or substantially all of
                                    their properties taken as a whole; or

                           (iii)    orders the liquidation of either of the
                                    Companies or any similar release is granted
                                    under foreign laws relating to insolvency,
                                    and in each case, the order or decree
                                    remains unstayed and in effect for 60 days.

         If any Event of Default shall occur, ATN may declare all amounts due
hereunder to be due and payable by notice in writing to Guarantor specifying the
Event of Default and the same shall become immediately due and payable.

4.       Facsimiles.

         This Agreement shall be deemed effective upon receipt of signatures by
facsimile transmission.

5.       Governing Law.

         This Guarantee shall be deemed to have been made under and shall be
governed by the laws of the State of New York in all respects and including
matters of construction, validity and performance, but otherwise excluding the
laws of New York regarding conflicts of law.

6.       Venue, Waiver of Jury Trial.

         THE PARTIES HERETO HEREBY WAIVE TRAIL BY JURY, CONSENT TO THE CHOICE OF
VENUE OF THE SUPREME COURT OF THE STATE OF NEW YORK LOCATED IN NEW YORK COUNTY
OR THE FEDERAL DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK TO HEAR ANY
DISPUTE IN CONNECTION WITH THIS GUARANTEE, AND CONSENTS TO SERVICE OF PROCESS IN
AND SUCH PROCEEDING BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED,
AT ITS ADDRESS SPECIFIED IN OR PURSUANT TO SECTION 7 HEREOF.

         THE PARTIES HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY
RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY

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<PAGE>

LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS
GUARANTEE OR ANY OTHER DOCUMENT OR INSTRUMENT EXECUTED AND DELIVERED IN
CONNECTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS
(WHETHER VERBAL OR WRITTEN, OR ACTIONS OF THE PARTIES. THIS PROVISION IS A
MATERIAL INDUCEMENT FOR ATN'S ACCEPTANCE OF THIS GUARANTEE.

7.       Notices.

         All notices to Guarantor or to ATN shall be given in writing by first
class registered United States mail, or by a recognized overnight carrier
service, postage prepaid, and sent to their respective addresses set forth
above, or to such other address as either may specify to the other by due
notice.

8.       Entire Agreement.

         This instrument contains the entire agreement and understanding between
the parties and supersedes all prior agreements. It may be amended, modified or
waived only by an agreement, in writing, signed by the party against whom
enforcement of any waiver, change, modification, amendment or discharge is
sought, and not orally. The invalidity or unenforceability of any provision
hereof shall not affect the validity or enforceability of any other provision.

9.       Headings.

         The headings are for organization, convenience and clarity and shall
have no force or effect upon the construction or interpretation hereof.

         IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Guarantee on the date first above written.

                                                 PICK COMMUNICATIONS CORP.

                                                 Agreed to and Accepted:

                                                 By: /s/ Elliot H.Lutzker
                                                    ------------------------
                                                    Name: Elliot H. Lutzker
                                                    Title: Agent
ATLANTIC TELENETWORK, INC.

By: /s/ Steven M. Ross
   ------------------------------
   Name: Steven M. Ross
   Title: Chief Financial Officer

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