[Form 4] SkyWater Technology, Inc Insider Trading Activity

Rhea-AI Filing Summary

SkyWater Technology, Inc. (SKYT) filed a Form 4 reporting insider share sales. Director and 10% owner Loren A. Unterseher, through affiliated entities, reported selling 100,000 shares of common stock on November 21, 2025 at a weighted average price of $14.1264, with individual trade prices ranging from $14.00 to $14.29 per share. He reported another sale of 100,000 shares on November 24, 2025 at a weighted average price of $14.5267, with trade prices ranging from $14.50 to $14.62 per share. The filing also details substantial remaining direct and indirect holdings, including shares held via grantor retained annuity trusts, family trusts, and a spouse, indicating that he continues to be a significant shareholder and insider.

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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hours per response:			0.5

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)
11/21/2025

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	11/21/2025		S		100,000	D	$14.1264(1)	6,611,256	D	(2)
Common Stock	11/24/2025		S		100,000	D	$14.5267(3)	6,711,256	D	(2)
Common Stock								3	D	(4)
Common Stock								23,713	D	(5)
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 100,000 shares of common stock of SkyWater Technology, Inc. sold in multiple transactions on November 21, 2025 with sale prices ranging from $14.00 to $14.29 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. Reflects the weighted average price of 100,000 shares of common stock of SkyWater Technology, Inc. sold in multiple transactions on November 24, 2025 with sale prices ranging from $14.50 to $14.62 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.

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

5. Shares owned directly by Mr. Unterseher.

	/s/ Loren A. Unterseher	11/25/2025
	** 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 did SkyWater Technology (SKYT) report in this Form 4?

The Form 4 reports that director and 10% owner Loren A. Unterseher, through affiliated entities, sold two blocks of 100,000 SkyWater common shares in late November 2025 and discloses his remaining direct and indirect holdings.

How many SkyWater (SKYT) shares were sold and on which dates?

The reporting person sold 100,000 shares of SkyWater common stock on November 21, 2025 and another 100,000 shares on November 24, 2025, for a total of 200,000 shares reported in this filing.

At what prices were the SKYT shares sold by Loren Unterseher?

The November 21, 2025 sale had a weighted average price of $14.1264 per share, with individual prices from $14.00 to $14.29. The November 24, 2025 sale had a weighted average price of $14.5267 per share, with prices from $14.50 to $14.62.

What is Loren Unterseher’s relationship to SkyWater Technology (SKYT)?

Loren A. Unterseher is identified as both a Director and a 10% Owner of SkyWater Technology, Inc., reflecting his role as an insider with significant share ownership.

How are the SKYT shares held by Loren Unterseher structured?

The filing explains that shares are held both directly and indirectly, including through CMI Oxbow Partners, LLC, Oxbow Industries, LLC, grantor retained annuity trusts (2023 and 2024), family irrevocable trusts, revocable trusts, and trusts for the benefit of his children and spouse.

Does Loren Unterseher claim full beneficial ownership of all reported SKYT shares?

The filing states that because entities such as CMI Oxbow Partners, LLC directly hold some shares, Mr. Unterseher may be deemed a beneficial owner but he disclaims beneficial ownership of those shares except to the extent of any pecuniary interest.

What additional information about the SKYT share sales is available on request?

The reporting person undertakes to provide the SEC staff, the issuer, or any security holder with full information on the number of shares sold at each separate price within the reported price ranges for the November 21 and November 24, 2025 transactions.