SanDisk has reached agreement with SK Hynix, Inc. to modify and extend their intellectual property licensing relationship and enter into a multi-year commercial relationship under which SK Hynix will supply its DRAM products to SanDisk. These agreements include a settlement of the trade secret misappropriation suit filed by SanDisk in 2014. Under these agreements, which will expire on March 31, 2023, SanDisk will release SK Hynix of its liability pertaining to the trade secret litigation and license certain intellectual property rights to SK Hynix in exchange for license and royalty payments to be made over the duration of the agreement. In addition, SK Hynix has agreed to supply SanDisk with certain volumes of its DRAM products for MCP and SSD applications. The specific terms and conditions of the agreements, including with respect to economic consideration, are confidential.