On March 13, 2024, Impinj, Inc. and NXP USA, Inc. and NXP USA, Inc. entered into a Settlement and Patent Cross-License Agreement dated March 13, 2024, which resolves all outstanding litigation and other proceedings between them. Under the Agreement, Impinj and NXP will terminate and withdraw all pending proceedings and release one another for all patent infringement claims preceding March 31, 2024. Impinj and N XP will also grant to each other non-exclusive, worldwide patent licenses to make, have made, import, use, offer for sale, and sell their respective products and services, subject to the terms of the Agreement.

NXP will make to Impinj a one-time payment of $45.0 million within five business days of the execution of the agreement. NXP will also make to Impinj annual license fee payments on April 1 of each year, starting on April 1, 2024. NXP's annual license payment to Impinj for 2024 will equal $15.0 million and increase each subsequent year by a fixed percentage.

Impinj has no obligation to pay NXP under the Agreement. The Agreement will remain in force until all the valid claims of a specified set of Impinj patents (the Indicator Patents") expire in about ten years. Either party can terminate the Agreement if the other party materially breaches the terms of the Agreement and NXP can terminate the Agreement if it successfully designs out all valid claims of the Indicator Patents.