Studio license removes the watermark and allow any license for output images. However, you may only use this license if you're an individual or a studio with 10 employees or less.
This essentially means:
You may use Pixelator-generated images for any project, including commercial.
If you're a studio, all employees may use Pixelator for any of the studio's projects.
You don't have to give any credits to Pixelator or anyone else.
You may not embed / incorporate Pixelator inside another software or service.
You may not offer Pixelator as a service to any third party.
You may not resell or redistribute Pixelator.
This license is issued for a specific studio or a group of individuals with up to 10 employees.
If your studio grows to 11 employees or more, you'll need to acquire a company license.
Please be responsible with your source materials - do not use any images or resources that might violate someone else's copyrights.
To be clear - if you purchase a studio for yourself and later found or co-found a studio, you may continue to use the license with your new company. However, if you join a studio as an employee the studio must purchase its own license.