Item 1.01. Entry into a Material Definitive Agreement.
On
Pursuant to the Agreement, the Company may receive cash payments upon the achievement of certain technical tasks and deliverables listed in the Agreement. In addition, the Company grants a non-exclusive, limited, non-commercial license to use certain of the Company's intellectual property, in the development of the deliverables subcontracted to the Company under the Agreement, in exchange for cash installment license fee payments due at specified periods in the development cycle. Subject to payment of such initial license fees, the Company is obligated to grant QuickLogic a royalty-bearing commercial license to use certain of the Company's intellectual property to produce the product that is specified in the Prime Contract, but the Company has the right to manufacture the MRAM portion of such product.
The foregoing summary of the Agreement does not purport to be complete and is
qualified in its entirety by reference to the full text of the Agreement, a copy
of which will be filed as an exhibit to the Company's Quarterly Report on Form
10-Q for the quarter ending
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