(Reuters) - Microsoft and OpenAI said on Thursday they have signed a non-binding deal for new terms of their relationship that would allow OpenAI to move forward with its plan to restructure itself into a for-profit company.

The two firms did not offer further details on the new commercial arrangements but said they were working to finalize the terms of a definitive agreement.

OpenAI said its existing nonprofit entity would control a public benefit corporation through a $100 billion stake in that corporation and holding authority over its decisions, according to a memo from Bret Taylor, the chairman of OpenAI's current nonprofit board.