SUNNYVALE, Calif.-Proxim Corp. said it has agreed to pay Symbol Technologies Inc. $22.75 million over the next two and half years in a settlement of its patent dispute with the company.
Proxim also said it will pay Symbol a 2-percent royalty on future sales of certain wireless local area network products.
According to the settlement, Proxim will pay Symbol $2.5 million per quarter in each of the first eight quarters, $1.5 million for the ninth quarter and $1.25 million for the 10th quarter.
These payments will bring Proxim’s third-quarter one-time, non-cash gain to about $8 million, according to the company.
