[Form 4] SkyWater Technology, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Loren A. Unterseher, a director and reported 10% owner of SkyWater Technology, Inc. (SKYT), sold 60,767 shares of common stock on 08/29/2025 at a weighted average price of $12.0811 per share, with individual sale prices ranging from $12.00 to $12.26. The Form 4 shows 7,600,245 shares reported as beneficially owned following the transactions, and details both direct and indirect holdings, including shares held by CMI Oxbow Partners, LLC and Oxbow Industries, LLC, family trusts and grantor retained annuity trusts totaling multiple large blocks of shares. The filer discloses roles: Mr. Unterseher is President of CMI and Managing Partner of Oxbow and provides the required undertaking to supply per-price sale breakdowns on request.

Insights

Financial Analyst

TL;DR: Insider sold a small block relative to large existing holdings; disclosure provides price range and offers full per-price details on request.

The sale of 60,767 shares at a weighted average of $12.0811 is explicitly documented with a price range of $12.00 to $12.26, which supports transactional transparency. The Form 4 reports 7,600,245 shares beneficially owned after the sale, indicating the sale is a small reduction relative to total holdings. The filing clearly identifies ownership through multiple entities and trusts, which is important for understanding voting and economic interests. No derivative activity is reported. For valuation context, the filing does not provide company market-cap or outstanding share count, so the percentage change in ownership cannot be computed from this document alone.

Corporate Governance Expert

TL;DR: Form 4 disclosure is thorough about indirect ownership and entity relationships, aiding governance transparency.

The statement itemizes the reporting persons roles and the chain of ownership through CMI Oxbow Partners, LLC and Oxbow Industries, LLC, and lists trust holdings by beneficiary, which helps stakeholders assess potential conflicts and control. The filer includes the required certification and offers to provide granular sale pricing, which aligns with good disclosure practice. The filing does not indicate any change in board status or other governance actions.

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

OMB APPROVAL

OMB Number:			3235-0287
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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).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Unterseher Loren A

(Last) (First) (Middle)

4450 EXCELSIOR BLVD

SUITE 440

(Street)

MINNEAPOLIS MN 55416

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
08/29/2025

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

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

	Form filed by One Reporting Person
X	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	08/29/2025		S		60,767	D	$12.0811(1)	7,600,245	D	(2)
Common Stock								3	D	(3)
Common Stock								23,713	D	(4)
Common Stock								2,480,746	I	By 2023 grantor retained annuity trust
Common Stock								230,580	I	By trust for benefit of son
Common Stock								230,580	I	By trust for benefit of son
Common Stock								230,579	I	By trust for benefit of daughter
Common Stock								230,579	I	By trust for benefit of daughter
Common Stock								52,317	I	By spouse
Common Stock								531,283	I	By family irrevocable trust
Common Stock								1,229,864	I	By 2024 grantor retained annuity trust
Common Stock								2	I	By revocable trust

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

1. Name and Address of Reporting Person^*

Unterseher Loren A

(Last) (First) (Middle)

4450 EXCELSIOR BLVD

SUITE 440

(Street)

MINNEAPOLIS MN 55416

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

CMI Oxbow Partners, LLC

(Last) (First) (Middle)

4450 EXCELSIOR BOULEVARD

SUITE 440

(Street)

MINNEAPOLIS MN 55416

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Oxbow Industries, LLC

(Last) (First) (Middle)

4450 EXCELSIOR BOULEVARD

SUITE 440

(Street)

MINNEAPOLIS MN 55416

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

1. Reflects the weighted average price of 60,767 shares of common stock of SkyWater Technology, Inc. sold in multiple transactions on August 29, 2025 with sale prices ranging from $12.00 to $12.26 per share. The reporting person undertakes to provide upon request by the U.S. Securities and Exchange Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price.

2. Mr. Unterseher is President of CMI Oxbow Partners, LLC ("CMI") and Managing Partner of Oxbow Industries, LLC ("Oxbow"), which is the majority member of CMI. CMI directly holds the shares of Common Stock reported in Column 5. As a result, he may be deemed to be the beneficial owner of, and to have a pecuniary interest in, such shares of Common Stock. Mr. Unterseher disclaims beneficial ownership of such shares, except to the extent of any pecuniary interest therein.

3. Oxbow directly holds the shares reported in Column 5.

4. Shares owned directly by Mr. Unterseher.

	/s/ Loren A. Unterseher	09/03/2025
	** 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 insider transaction did Loren A. Unterseher report for SKYT?

He reported selling 60,767 shares on 08/29/2025 at a weighted average price of $12.0811, with sale prices ranging from $12.00 to $12.26.

How many SkyWater shares does the reporting person beneficially own after the transaction?

The Form 4 reports 7,600,245 shares beneficially owned following the reported transactions.

What entities hold shares on behalf of Loren A. Unterseher according to the filing?

CMI Oxbow Partners, LLC and Oxbow Industries, LLC are disclosed, along with family trusts, grantor retained annuity trusts, and a revocable trust.

Does the Form 4 disclose option or derivative activity for the reporting person?

No derivative securities or option exercises are reported in Table II of this Form 4.

Will the filing provide per-price sale breakdowns for the transaction?

Yes. The filer states they will provide full information on the number of shares sold at each separate price upon request by the SEC staff, the issuer, or a security holder.