EXHIBIT 10.1
SETTLEMENT AGREEMENT
This agreement (herein called “Settlement Agreement” or “Agreement”) is made on the 22nd day of April, 2004, between
plaintiff, Internet America, Inc., and third party-defendant, William E. Ladin, Jr., and defendant, counterclaimant and third party-
plaintiff, Gary Corona. In this Agreement, “Corona” means Gary L. Corona; “IA” means Internet America, Inc., a Texas
corporation; and “Ladin” means William E. Ladin; and “Lawsuit” means the cause of action originally styled Internet America,
Inc. v. Gary Corona , No. 04-00788-M in the 298th Judicial District Court in Dallas County, Texas, and the counterclaims and
third-party claim filed therein by Corona against IA and Ladin.
I.
SETTLEMENT TERMS
The parties agree to settle the Lawsuit on the following terms and conditions:
1.01 Payments of Settlement Amount . On or before April 23, 2004, IA shall (i) pay Corona the sum of seventy-five
thousand dollars ($75,000.00) (the “Initial Payment”), and (ii) deliver to Corona a non-assignable interest-free note in the original
principal amount of $137,500.00 in the form attached hereto as Exhibit A (the “Note”), payable to “Gary Corona and The Majorie
Law Firm, L.P.” Payment of the Initial Payment as well as amounts due under the Note shall be made pursuant to wire transfer to
the client trust account of The Majorie Law Firm L.P. in accordance with the following wiring instructions: Majorie Firm IOLTA
account # 0122333, Dallas National Bank, ABA # 111017911.
1.02 Releases of Corona . In addition to the settlement payment provided in Section 1.01 and simultaneously with the
execution and delivery of the Corona Release Agreement (as defined below in Section 1.03), IA and Ladin shall each execute
and deliver to
Corona a release agreement in the form attached hereto as Exhibit B (the “IA and Ladin Release Agreement”) which will release
Corona and the other “Released Parties” therein described from any and all causes of action that were brought