April 23, 2003
Exhibit 10.1
April 23, 2003
Xxxxxxx X. Xxxx
00000 Xxxxx Xxxx Xxxxx
Xxxxxx, Xxxxx 00000
| Re: | Letter of Credit Security Commitment Agreement dated September 18, 2001 by and between Internet America, Inc. and Xxxxxxx X. Xxxx (the “Xxxx Agreement”) |
Dear Xxxx:
As you are aware, Internet America has been in discussions with Xxxxx Xxxxxxxxx regarding settlement of the judgment rendered against Internet America and the other defendants in the lawsuit styled Xxxxx Xxxxxxxxx v. Internet America, Inc., Xxxxxxx X. Xxxxxx and Xxxxxxx X. Xxxx. If the defendants enter into a settlement agreement with Xxxxxxxxx (a “Settlement Agreement”), certain amendments to the Xxxx Agreement may be necessary or desirable. This letter is intended to amend the Xxxx Agreement in accordance with Section 13.6 of the Xxxx Agreement.
If the defendants enter into a Settlement Agreement with Xxxxxxxxx, 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 Xxxx 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 Xxxx 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 Xxxx Agreement until thirty days after the date of the Settlement Agreement or until the Commitment Termination Date, as defined in Article 1 of the Xxxx 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 Xxxx Agreement, please sign below and return the executed original to me at your earliest convenience
| INTERNET AMERICA, INC. | ||
| /S/ XXXX X. XXXXX | ||
| Xxxx X. Xxxxx, Chairman and CEO | ||
AGREED:
| /S/ XXXXXXX X. XXXX | ||
| Xxxxxxx X. Xxxx | ||
Date: April 23, 2003
