BrainChip Holdings Ltd. announced the signing of an intellectual property license agreement with Renesas Electronics America Inc. The unconditional agreement provides for: a single-use, royalty-bearing, worldwide IP design license for the rights to use the AkidaTM IP in the customer's SoC products, which continues while the customer continues to use the Akida IP in its products. The parties agreed to customary termination terms; BrainChip to provide implementation support services (at an agreed fee to cover costs) aimed at facilitating the customer's adoption and commercialization of the Akida-licensed product during the first year of the license agreement. The agreement provides for various payment terms including the payment of ongoing royalties based on the volume of units sold, commencing at certain agreed volume threshold and the net sale price of the customer's products. The royalties remain in effect throughout the life of the licensed product. Brainchip to provide software maintenance services, which attract a separate fee if the customer elects to continue to use these services after the first two years of the agreement.