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Loan Agreement > Re: Salary Reduction Plan for Executive Officers of Communication Intelligence Corporation under Amendment No. 1 to Credit Agreement, dated May 28, 2009
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EXHIBIT 10.48
COMMUNICATION INTELLIGENCE
CORPORATION
275 Shoreline Drive, Suite 500
Redwood Shores, CA 94065
May 28, 2009
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SG Phoenix LLC
110 East 59 th Street, Suite 1901
New York, NY 10022
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Re:
Salary Reduction Plan for Executive Officers of Communication
Intelligence Corporation under Amendment No. 1 to Credit Agreement,
dated May 28, 2009
Gentlemen,
Reference is made to that certain Amendment No.
1 to Credit Agreement, dated as of May 28, 2009, by and among
Communication Intelligence Corporation (the “ Company
”), and Phoenix Venture Fund LLC (“ Phoenix
”), Michael Engmann (“ Engmann ”), the
Additional Lenders (as that term is defined in Amendment No. 1 to
Credit Agreement) and SG Phoenix LLC, as the Collateral Agent
(“ Amendment No. 1 ”) to the Credit Agreement
dated as of June 5, 2008, by and among the Company, Phoenix,
Engmann, Ronald Goodman and the Collateral Agent (together with
Amendment No. 1, the “ Agreemen
t”). Any capitalized terms used but not otherwise
defined herein shall have the same meanings ascribed to such terms
in the Agreement.
Pursuant to Section 2.9 of the Agreement, the
Company covenants and agrees to implement, commencing with the
first pay period subsequent to the Additional Closing Date, the
salary reduction plan for the Company’s executive
office
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