Rambus Inc. and Micron Technology, Inc. have signed a broad patent cross license agreement. Under the agreement, Micron gains the right to use any Rambus patent for the manufacture of specified integrated circuit products, including any memory integrated circuit products. Certain of these memory products will enjoy a perpetual, paid-up license after the end of the initial term. The agreement requires quarterly royalty payments to Rambus over the next seven years capped at $10 million per quarter, with a rolling twelve-month cap fixed at $40 million, or $280 million during the initial term. In addition, Micron will have the option to extend the initial term of this agreement for additional renewal periods. As part of this agreement, the two companies have settled all outstanding patent and antitrust claims, and the agreement covers both Micron and Elpida products. Other terms and details of the agreement are confidential.