(RTTNews) - Eastman Kodak Co. (EK: News ) said it entered into a technology cross license with Samsung Electronics Co Ltd. (SSNLF.PK: News ,SSNNF.PK: News ), which will allow each company access to the other's patent portfolio.

The company stated that the license agreement is royalty bearing to Kodak. Also, Eastman Kodak received a payment from Samsung in December, that was credited toward its royalty obligation. Additional financial details were not disclosed.

The companies also reached an agreement to file joint requests for the termination of patent infringement proceedings before the U.S. International Trade Commission or ITC, and to settle their patent infringement lawsuits against each other. Both the settlement of the litigation and the license deal become effective upon approval by the ITC of the joint requests for termination, Eastman Kodak said. The ITC is expected to make its determination by the end of January 2010.