Under the terms of the agreement, Nippon Steel Corporation, and affiliates including Nippon Steel Materials Co., Ltd., have been given the right to manufacture and sell silicon carbide materials for electronic device applications. Over the lifetime of the agreement, Cree will receive certain financial considerations from Nippon Steel. As part of this agreement, Cree was also granted rights to Nippon Steel’s relevant SiC-related patents. Other terms of the agreement were not disclosed. No technology transfer between the parties was included.