[144] Shimmick Corporation SEC Filing

Rhea-AI Filing Summary

Banco Santander (Brasil) S.A. (BSBR) filed a Form 6-K announcing a related-party Service Provision and Project Execution Agreement signed 25 Jul 2025 with Santander Global Cards & Digital Solutions Brasil S.A., an affiliate ultimately controlled by Banco Santander, S.A.

Scope & Purpose: Global Cards will deliver card-issuance, transaction-processing and cloud infrastructure services via the PLARD Technology Platform, replacing the bank’s mainframe system as part of the group’s global technology standardisation.

Key terms

• Estimated 2025 spend: R$106 million, variable with card, transaction and customer volumes.
• Contract effective through December 2029.
• Agreed by global/local committees and approved by the bank’s Audit Committee in accordance with the Related-Party Transactions Policy.
• Controlling shareholder and its executives abstained from negotiations.

Management states pricing reflects arm’s-length market benchmarks and prior comparable deals. No withdrawal rights apply.

Positive

• Cloud migration to PLARD platform could enhance scalability, security and long-term processing efficiency.
• Five-year term provides operational continuity and aligns with the group’s global standardisation strategy.

Negative

• Related-party nature invites governance and transfer-pricing scrutiny from regulators and minority shareholders.
• Variable cost structure tied to transaction volumes could lift expenses if card growth outpaces revenue.

Insights

Financial Analyst

TL;DR: R$106 m five-year intra-group card-processing deal; tech upgrade aids efficiency, earnings impact small, governance safeguards noted.

The shift to PLARD should modernise Santander Brasil’s card infrastructure, potentially lowering long-term processing costs and boosting scalability. At ~R$106 m for 2025 (≈US$20 m), the expense represents only a fraction of BSBR’s annual operating costs, so near-term P&L impact appears immaterial. Variable pricing aligns costs with volume growth, mitigating margin risk. Overall, operationally positive but unlikely to move EPS materially; neutral valuation effect.

Corporate Governance Expert

TL;DR: Related-party deal vetted by Audit Committee; arm’s-length claims reduce but do not eliminate governance and transfer-pricing scrutiny.

The agreement involves entities under the same controlling shareholder, inherently raising conflict-of-interest concerns. However, disclosure under CVM Annex F, Audit Committee approval, and non-participation of Santander Spain’s executives suggest adequate procedural safeguards. Investors should monitor subsequent pricing adjustments and Audit Committee oversight to ensure continued compliance with arm’s-length standards.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
COMMON	TD SECURITIES (USA) LLC 125 PARK AVE, 20TH FLOOR NEW YORK NY 10017	7175	12416.34	33590000	08/04/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
COMMON	12/09/2020	PRIVATE ACQUISITION	GOHO LLC			21908800	12/09/2020	PRIVATE ACQUISITION

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE, STE 300 IRVINE CA 92618	COMMON	05/07/2025	2800	3961.44
MICHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE, STE 300 IRVINE CA 92618	COMMON	05/08/2025	2500	3474.75
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	05/09/2025	1275	1789.21
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	05/12/2025	3000	4608.60
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	05/13/2025	2127	3613.56
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	05/14/2025	521	880.18
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	05/15/2025	10045	18282.90
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	05/16/2025	1723	2935.99
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	05/19/2025	2000	3162.00
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	05/20/2025	1500	2488.95
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	05/21/2025	700	1102.01
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	05/22/2025	2000	3106.00
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 921618	COMMON	05/23/2025	2500	3901.25
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 irvine CA 92618	COMMON	05/27/2025	5398	9874.03
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	05/28/2025	3392	5805.41
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	05/29/2025	1052	1795.45
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	05/30/2025	1000	1670.00
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	06/02/2025	1032	1669.57
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 irvine CA 92618	common	06/03/2025	3500	5464.20
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 irvine CA 92618	common	06/04/2025	2500	3735.00
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 irvine CA 92618	common	06/05/2025	2000	2912.20
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 irvine CA 92618	common	06/06/2025	5000	7406.00
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 irvine CA 92618	common	06/09/2025	820	1242.96
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 irvine CA 92618	common	06/10/2025	800	1248.00
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	06/11/2025	10058	16684.21
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	06/12/2025	8090	13787.79
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	06/13/2025	700	1159.79
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	06/16/2025	500	853.50
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	06/17/2025	1200	1942.08
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	06/18/2025	702	1134.29
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	06/20/2025	900	1441.98
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	06/23/2025	6000	9395.40
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	06/24/2025	4250	7040.98
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	06/25/2025	900	7122.00
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	06/26/2025	7122	12040.45
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	06/27/2025	916	1567.28
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	06/30/2025	1700	2916.01
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	07/01/2025	29639	59008.29
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	07/02/2025	4470	8775.95
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	07/03/2025	1900	3819.95
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	07/07/2025	2677	5382.11
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	07/08/2025	7000	13812.40
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	07/09/2025	1310	2627.07
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	07/10/2025	2200	4368.98
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	07/11/2025	1000	1900.00
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	07/14/2025	1300	2580.50
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	07/15/2025	7000	14158.90
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	07/16/2025	2100	4232.34
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	07/17/2025	8558	17798.50
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	07/18/2025	2000	4377.80
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	07/21/2025	800	1729.92
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	07/22/2025	18316	38379.35
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	07/23/2025	28223	59228.79
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	07/24/2025	3900	8135.01
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	07/25/2025	3800	7910.08
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	07/28/2025	1000	2067.50
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	07/29/2025	3958	7416.50
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	07/30/2025	4000	7340.00
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	07/31/2025	25776	46118.42
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	08/01/2025	2300	3861.47
MITCHELL B. GOLDSTEEN 530 TECHNOLOGY DRIVE , STE 300 IRVINE CA 92618	COMMON	08/04/2025	7175	12416.34

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What is the value of Banco Santander Brasil's related-party contract disclosed in the Form 6-K?

The estimated consideration for fiscal 2025 is approximately R$106 million, with payments varying by card and transaction volumes.

How long does the PLARD platform agreement run for BSBR?

The service agreement is effective through December 2029, covering roughly five years.

Which entity will provide card-processing services to BSBR under the new deal?

Services will be delivered by Santander Global Cards & Digital Solutions Brasil S.A., an affiliate controlled by Banco Santander, S.A.

Was the related-party transaction approved by independent governance bodies?

Yes. The Audit Committee reviewed and approved the deal, and controlling-shareholder executives did not participate in negotiations.

Why is BSBR migrating to the PLARD Technology Platform?

The migration aligns with the Santander Group’s global strategy to move card processing from mainframe to cloud for better performance and flexibility.