11:46 AM EDT, 03/14/2024 (MT Newswires) -- (Updates with Impinj's ( PI ) latest stock move in the headline and first paragraph and NXP's stock in the fifth paragraph.)

Impinj ( PI ) shares jumped 12% in recent Thursday trading, a day after the company said 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 one-time $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.

Shares of NXP Semiconductors ( NXPI ) fell 2.1% in recent Thursday trading.

Price: 127.05, Change: +13.57, Percent Change: +11.96