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Microsoft and OpenAI announced on Thursday that they have signed a non-binding agreement on new terms for their relationship. The agreement will allow OpenAI to move forward with its reorganization plans to become a for-profit company. The two companies did not provide more details on the new business arrangements but said they are working to finalize the terms of the agreement. A memo from Brett Taylor, the current chairman of OpenAI's non-profit board, shows that OpenAI has stated that its existing non-profit parent company will control the company by holding shares in a public benefit corporation worth $100 billion and will have decision-making power over the company.