05:29 PM EDT, 03/13/2024 (MT Newswires) -- Impinj ( PI ) was up 6% in extended trading Wednesday after it settled a patent dispute with NXP Semiconductors ( NXPI ) in exchange for non-exclusive global license agreements to use each other's technologies and other intellectual property.

The settlement also releases resellers and end users of UHF radio frequency identification products from any infringement claims.

NXP Semiconductors ( NXPI ) will make a onetime $45 million payment to Impinj ( PI ) in addition to annual license payments beginning this year at $15 million, which will increase each April 1 by a fixed percentage.

The agreement is expected to expire in about 10 years when Impinj's ( PI ) patents expire.

NXP Semiconductors ( NXPI ) shares were flat after closing Wednesday up 0.5%.

Price: 120.5, Change: +7.02, Percent Change: +6.19