Item 1.02 Termination of a Material Definitive Agreement.

On December 19, 2008, Interphase Corporation entered into a loan agreement with Texas Capital Bank N.A., to establish a credit facility of $5.0 million with a maturity date of December 19, 2013. The applicable interest rate on any outstanding balances under the credit facility will be based on LIBOR with the applicable margin rate of 1.0%, if LIBOR is greater than 2.5%, otherwise the applicable margin rate will be 1.5%. The unused portion of the credit facility will be subject to an unused facility fee ranging from .25% to .75% depending on total deposits of Interphase at Texas Capital Bank. The loan agreement does not contain any financial covenants and as of the date of this report, there were no borrowings or letters of credit outstanding under the credit facility. A complete copy of the loan agreement is attached as an exhibit to this 8-k.

In connection with the creation of the new loan agreement with Texas Capital Bank described above, on December 23, 2008, Interphase terminated its then-existing note and credit agreement with Comerica Bank N.A., dated July 25, 2003, and as amended from time to time. The note and credit agreement terminated was a $5.0 million credit facility with a current maturity date of July 31, 2010. The applicable interest rate on all outstanding balances was based on LIBOR plus a margin rate of 1.5%. All outstanding balances and applicable interest has been repaid under terms of the note and credit agreement. There were no termination penalties incurred with this termination.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

Exhibit 10.1 - Loan Agreement with Texas Capital Bank N.A. Exhibit 10.2 - Promissory Note with Texas Capital Bank N.A.