Microsoft (MSFT.O) and OpenAI said on Thursday they have signed a non-binding agreement on new terms for their relationship that will allow OpenAI to move forward with its restructuring plan to become a for-profit company. The two companies did not provide further details of the new commercial arrangement but said they are working to finalize the terms of the definitive agreement.

OpenAI said its existing nonprofit parent would control the company through a $100 billion stake in a public benefit corporation and have sway over its decisions, according to a memo from Brett Taylor, the current chair of OpenAI's nonprofit board. (FT)