SkyWater (NASDAQ: SKYT) approves cash retention plan tied to IonQ deal

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Filing Exhibits & Attachments

Q: Where can investors find SkyWater (SKYT) and IonQ merger documents?

Q: What is the Form S-4 mentioned in the SkyWater (SKYT) disclosure?

8-K Event Classification

What executive retention awards did SkyWater (SKYT) approve in this 8-K?

How do the SkyWater (SKYT) executive retention bonuses vest?

What transaction between SkyWater (SKYT) and IonQ is referenced?

Where can investors find SkyWater (SKYT) and IonQ merger documents?

What is the Form S-4 mentioned in the SkyWater (SKYT) disclosure?

Does this SkyWater (SKYT) communication constitute an offer to sell securities?

Investors can access all related filings free of charge at www.sec.gov . IonQ’s documents are also available at investors.IonQ.com , while SkyWater’s filings, including the proxy statement/prospectus, can be found at ir.skywatertechnology.com once finalized and mailed.

IonQ has filed a Registration Statement on Form S-4 with the SEC. It includes a preliminary prospectus for IonQ shares to be issued and a preliminary proxy statement for SkyWater stockholders, who will use the definitive version to vote on the proposed transaction.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

SkyWater Technology, Inc. approved a cash retention program for key employees in connection with its planned merger with subsidiaries of IonQ, Inc. The Compensation Committee granted cash retention awards of $579,145 to Thomas Sonderman, $347,975 to John Sakamoto, and $337,840 to Steve Manko.

Each named executive officer becomes eligible to receive one-third of their award at the closing of the IonQ merger transactions, one-third on the six‑month anniversary of closing, and one-third on the 12‑month anniversary, contingent on continued employment. The filing also reminds investors that IonQ has filed a Form S-4 registration statement with a proxy statement/prospectus for SkyWater stockholders regarding the proposed transaction.

2 items: 5.02, 9.01

2 items

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance

Key personnel changes including departures, elections, or appointments of directors and executive officers.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

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Understanding 8-K Material Events →

Accepted by SEC EDGAR 03/25/2026 - 08:06 PM

SkyWater approved cash retention awards for key executives: $579,145 for Thomas Sonderman, $347,975 for John Sakamoto, and $337,840 for Steve Manko. These amounts are intended to encourage leadership continuity through the proposed merger with IonQ.

Each named executive’s cash retention award vests in three equal installments. One-third is payable at the closing of the IonQ merger transactions, one-third at the six‑month anniversary of closing, and one-third at the 12‑month anniversary, assuming continued employment through each vesting date.

The awards are tied to proposed mergers of SkyWater with certain IonQ subsidiaries under an Agreement and Plan of Merger dated January 25, 2026. IonQ will issue its common stock in the transaction, and SkyWater stockholders will vote based on the proxy statement/prospectus.

Investors can access all related filings free of charge at www.sec.gov. IonQ’s documents are also available at investors.IonQ.com, while SkyWater’s filings, including the proxy statement/prospectus, can be found at ir.skywatertechnology.com once finalized and mailed.

IonQ has filed a Registration Statement on Form S-4 with the SEC. It includes a preliminary prospectus for IonQ shares to be issued and a preliminary proxy statement for SkyWater stockholders, who will use the definitive version to vote on the proposed transaction.

No. The communication explicitly states it is for informational purposes only and not an offer to sell or a solicitation to buy securities. Any offer of securities must be made only by a prospectus meeting Section 10 of the Securities Act and applicable law.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 20, 2026

SkyWater Technology, Inc.

(Exact name of registrant as specified in its charter)

Delaware

001-40345

37-1839853

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

2401 East 86th Street

Bloomington, Minnesota

55425

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (952) 851-5200

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☒	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of Each Class

Trading

Symbol

Name of Each Exchange

on Which Registered

Common stock, par value $0.01 per share

SKYT

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On March 20, 2026, the Compensation Committee of the SkyWater Technology, Inc. (the “Company”) Board of Directors approved a retention program providing for cash retention awards to certain key employees. The cash retention awards to each of the Company’s named executive officers were as follows: Thomas Sonderman - $579,145; John Sakamoto - $347,975; and Steve Manko - $337,840. Each of the Company’s named executive officers will be eligible to receive the cash retention awards as follows, assuming that such named executive officer’s employment continues through the applicable vesting date: one-third upon the closing of the mergers of the Company with certain subsidiaries of IonQ, Inc. (the “Mergers”) pursuant to the Agreement and Plan of Merger, dated January 25, 2026, among SkyWater, IonQ, Iris Merger Subsidiary 1 Inc., a wholly owned subsidiary of IonQ, and Iris Merger Subsidiary 2 LLC, a wholly owned subsidiary of IonQ; one-third upon the six-month anniversary of the closing of the Mergers; and one-third upon the 12-month anniversary of the closing of the Mergers.

Important Information and Where to Find It

In connection with the proposed transaction (the “Transaction”) between IonQ, Inc. (“IonQ”) and SkyWater Technology, Inc. (“SkyWater”), IonQ has filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-4 (the “Registration Statement”), which included a preliminary prospectus with respect to the shares of IonQ common stock (the “IonQ Shares”) to be issued in the Transaction and a preliminary proxy statement for SkyWater’s stockholders. After the Registration Statement is declared effective, the definitive proxy statement/prospectus will be mailed to stockholders of SkyWater. Each of IonQ and SkyWater may also file with or furnish to the SEC other relevant documents regarding the Transaction. This Current Report on Form 8-K is not a substitute for the Registration Statement, the proxy statement/prospectus or any other document that IonQ or SkyWater may file with the SEC or mail to SkyWater’s stockholders in connection with the Transaction. INVESTORS AND SECURITY HOLDERS OF IONQ AND SKYWATER ARE URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT, AS WELL AS ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION OR INCORPORATED BY REFERENCE INTO THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), BECAUSE THEY CONTAIN IMPORTANT INFORMATION REGARDING IONQ, SKYWATER, THE TRANSACTION AND RELATED MATTERS. The documents filed by IonQ and SkyWater with the SEC may be obtained free of charge through the website maintained by the SEC at www.sec.gov. The documents filed by IonQ with the SEC also may be obtained free of charge at IonQ’s website at investors.IonQ.com. The documents filed by SkyWater with the SEC also may be obtained free of charge at SkyWater’s website at ir.skywatertechnology.com.

Participants in the Solicitation

IonQ, SkyWater and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of SkyWater in connection with the Transaction under the rules of the SEC. Information about the interests of the directors and executive officers of IonQ and SkyWater and other persons who may be deemed to be participants in the solicitation of stockholders of SkyWater in connection with the Transaction and a description of their direct and indirect interests, by security holdings or otherwise, is included in the preliminary proxy statement/prospectus, which has been filed with the SEC. To the extent that holdings of SkyWater’s securities by the directors and executive officers of SkyWater have changed from the amounts set forth in the preliminary proxy statement/prospectus, such changes have been or will be reflected on Statements of Changes in Beneficial Ownership on Form 4 filed with the SEC. Additional information regarding the direct and indirect interests of those persons and other persons who may be deemed participants in the Transaction may be obtained by reading the proxy statement/prospectus regarding the Transaction. Free copies of these documents may be obtained as described above.

No Offer or Solicitation

This communication is for informational purposes only and does not constitute, or form a part of, an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits:

EXHIBIT INDEX


Exhibit No.		Description

104		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Source: View Original Filing on SEC EDGAR

SkyWater Technology, Inc.

Date: March 25, 2026

/s/ Thomas J. Sonderman

Thomas J. Sonderman

Chief Executive Officer

3 documents