[Form 4] SkyWater Technology, Inc Insider Trading Activity

Rhea-AI Filing Summary

SkyWater Technology insider transactions: Steve Manko, identified as the company’s Chief Financial Officer and reporting person, entered into multiple transactions on 09/22/2025 under a Rule 10b5-1 trading plan. The Form 4 shows acquisitions of common stock via option exercises and a sale: options exercisable at prices of $11.24, $11.77 and $14 were exercised (4,856; 21,386; 17,141 shares respectively) and 43,383 shares were sold at a weighted-average price of $15.128 (sale prices ranged $14.89–$15.44). After these transactions, the filing reports 368,407 shares beneficially owned. The options vest ratably over four years from grant and have varying expiration dates through 2033.

Positive

• Transactions were executed under a Rule 10b5-1 plan, providing a documented trading arrangement.

Negative

• Reporting person sold 43,383 shares, reducing direct holdings to 368,407 shares.

Insights

Securities Analyst

TL;DR: CFO executed option exercises and a Rule 10b5-1 sale, resulting in a net reduction in directly held common shares.

The Form 4 documents option exercises at strike prices of $11.24, $11.77 and $14 for aggregate exercised shares of 43,383 and a contemporaneous sale of 43,383 shares at a weighted-average price of $15.128, with sale proceeds realized across multiple trades priced $14.89–$15.44. Post-transaction direct beneficial ownership is reported as 368,407 shares. The filing explicitly states the trades were effected under a Rule 10b5-1 plan established March 14, 2025, and that the options vest ratably over four years and expire between 2031 and 2033.

Corporate Governance Expert

TL;DR: Disclosed transactions follow a documented 10b5-1 plan and include both option exercises and an open-market sale by a named officer.

The disclosure identifies Steve Manko as CFO and shows the mechanics: three separate option series exercised on 09/22/2025 and an equal aggregate number of shares sold the same day at a weighted-average of $15.128. The Form includes vesting schedules for the options and attendant expiration dates, and the filing is executed by an attorney-in-fact on behalf of the reporting person. The events are reported on a standard SEC Form 4 with required explanatory footnotes.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Manko Steve

(Last) (First) (Middle)

2401 EAST 86TH STREET

(Street)

BLOOMINGTON MN 55425

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SkyWater Technology, Inc [ SKYT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CFO

3. Date of Earliest Transaction (Month/Day/Year)
09/22/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/22/2025		M		4,856(1)	A	$11.24	373,263	D
Common Stock	09/22/2025		M		21,386(1)	A	$11.77	394,649	D
Common Stock	09/22/2025		M		17,141(1)	A	$14	411,790	D
Common Stock	09/22/2025		S		43,383(1)	D	$15.128(2)	368,407	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Options to Acquire Common Stock	$11.24	09/22/2025		M			4,856(1)	(3)	02/25/2032	Common Stock	4,856	$0	11,000	D
Options to Acquire Common Stock	$11.77	09/22/2025		M			21,386(1)	(3)	03/15/2033	Common Stock	21,386	$0	21,389	D
Options to Acquire Common Stock	$14	09/22/2025		M			17,141(1)	(3)	04/20/2031	Common Stock	17,141	$0	19,544	D

Explanation of Responses:

1. The reported transaction was effected pursuant to a Rule 10b5-1 trading plan entered into by the reporting person on March 14, 2025.

2. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $14.89 to $15.44, inclusive.

3. The options vest ratably on each of the first, second, third and fourth anniversaries of the grant date contingent on the reporting person's continuation in service on each applicable vesting date.

Remarks:

	/s/ Christopher Hilberg, Attorney-in-Fact	09/24/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did Steve Manko report on Form 4 for SKYT?

The Form 4 reports option exercises (4,856; 21,386; 17,141 shares) and a sale of 43,383 common shares on 09/22/2025.

Were the trades effected under a trading plan for SKYT insider?

Yes. The filing states the transactions were effected pursuant to a Rule 10b5-1 trading plan entered into on March 14, 2025.

What was the sale price reported for the SKYT shares sold?

The weighted-average sale price reported is $15.128; individual sale prices ranged from $14.89 to $15.44.

How many SKYT shares does the reporting person beneficially own after the transactions?

The Form 4 reports 368,407 shares beneficially owned following the reported transactions.

What are the exercise prices and expirations for the exercised options?

Exercise prices are $11.24, $11.77, and $14; expiration dates listed include 02/25/2032, 03/15/2033, and 04/20/2031.