April 23, 2003

Exhibit 10.1

 

April 23, 2003

 

▇▇▇▇▇▇▇ ▇. ▇▇▇▇

▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇

▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇

 

Re:

Letter of Credit Security Commitment Agreement dated September 18, 2001 by and between Internet America, Inc. and ▇▇▇▇▇▇▇ ▇. ▇▇▇▇ (the “▇▇▇▇ Agreement”)

 

Dear ▇▇▇▇:

 

As you are aware, Internet America has been in discussions with ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ regarding settlement of the judgment rendered against Internet America and the other defendants in the lawsuit styled ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ v. Internet America, Inc., ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ and ▇▇▇▇▇▇▇ ▇. ▇▇▇▇. If the defendants enter into a settlement agreement with ▇▇▇▇▇▇▇▇▇ (a “Settlement Agreement”), certain amendments to the ▇▇▇▇ Agreement may be necessary or desirable. This letter is intended to amend the ▇▇▇▇ Agreement in accordance with Section 13.6 of the ▇▇▇▇ Agreement.

 

If the defendants enter into a Settlement Agreement with ▇▇▇▇▇▇▇▇▇, you agree to waive Internet America’s obligation to give you thirty days prior written notice of a reduction in commitment, as contained in Section 2.3 of the ▇▇▇▇ Agreement. You agree to allow Internet America to give you written notice of a reduction in commitment at the time of a Settlement Agreement. Should this occur, the Holder’s Election Notice, as defined in Section 2.3 of the ▇▇▇▇ Agreement, must be given within 120 days after the date of the Settlement Agreement, and Internet America will continue to pay you the commitment fee referenced in Section 2.2 of the ▇▇▇▇ Agreement until thirty days after the date of the Settlement Agreement or until the Commitment Termination Date, as defined in Article 1 of the ▇▇▇▇ Agreement, whichever is later. Notwithstanding the foregoing, should the Commitment Termination Date occur after thirty days after the date of a Settlement Agreement, then the Holder’s Election Notice must be given within 90 days after the Commitment Termination Date.

 

If you agree to this amendment to the ▇▇▇▇ Agreement, please sign below and return the executed original to me at your earliest convenience

 

INTERNET AMERICA, INC.

 

/s/ ▇▇▇▇ ▇. ▇▇▇▇▇                        

▇▇▇▇ ▇. ▇▇▇▇▇, Chairman and CEO

 

AGREED:

 

/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇

▇▇▇▇▇▇▇ ▇. ▇▇▇▇

Date: April 23, 2003