[Form 4] SkyWater Technology, Inc Insider Trading Activity

Rhea-AI Filing Summary

SkyWater Technology (SKYT) CFO Steve Manko executed and disclosed option exercise and share sales under a Rule 10b5-1 plan on 09/26/2025. He exercised 19,544 options with a $14 exercise price, resulting in acquisition of 19,544 common shares. On the same date he sold 60,829 shares at a weighted-average price of $17.40 (individual sale prices ranged from $17.25 to $18.07). The filing reports beneficial ownership of 387,951 shares after the option exercise and 327,122 shares after the sales. Both transactions were effected pursuant to a Rule 10b5-1 trading plan entered March 14, 2025. The Form 4 is signed by an attorney-in-fact on behalf of the reporting person.

Positive

• Transactions executed under a Rule 10b5-1 plan, indicating pre-established, compliant trading arrangements
• Clear disclosure of quantities and weighted-average sale price (sales at $17.25–$18.07; weighted average $17.40)
• Form 4 includes required procedural elements such as attorney-in-fact signature and exercise/sale details

Negative

• CFO reduced beneficial ownership by 60,829 shares (from 387,951 to 327,122) which may be viewed negatively by some investors
• Large insider sale on a single date could attract market attention despite being pre-planned

Insights

Securities Analyst

TL;DR: Insider exercised options and sold shares under a pre-established 10b5-1 plan; disclosure is routine and compliant.

The transactions combine a stock-option exercise and a subsequent open-market sale executed on 09/26/2025 under a Rule 10b5-1 plan dated March 14, 2025. The exercise converted 19,544 options at $14 into the same number of shares, increasing reported holdings to 387,951, followed by sales of 60,829 shares at a weighted average of $17.40 reducing holdings to 327,122. From an analytical perspective this represents a liquidity event by the CFO executed under an established plan, which reduces insider stake but follows recognized compliance mechanisms and provides clear price and quantity disclosure.

Corporate Governance Expert

TL;DR: Transactions follow formal Rule 10b5-1 procedures, indicating pre-planned disposition rather than opportunistic trading.

The filing explicitly states both the option exercise and the share sale were effected pursuant to a Rule 10b5-1 trading plan entered March 14, 2025, which supports compliance with insider trading rules. The disclosure includes the weighted-average sale price range and notes option vesting schedule language for the original grant. Signature by an attorney-in-fact is included, meeting procedural requirements. The filing does not report any derivative holdings remaining following the reported exercise.

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
Estimated average burden
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).

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)
09/26/2025

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	09/26/2025		M		19,544(1)	A	$14	387,951	D
Common Stock	09/26/2025		S		60,829(2)	D	$17.4(3)	327,122	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	$14	09/26/2025		M			19,544(1)	(4)	04/20/2031	Common Stock	19,544	$0	0	D

Explanation of Responses:

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

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

3. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $17.25 to $18.07, inclusive.

4. 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	09/30/2025
	** 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) insider Steve Manko do on 09/26/2025?

He exercised 19,544 options at a $14 exercise price and sold 60,829 shares in transactions reported on that date.

Were the transactions by the SKYT CFO pre-planned?

Yes. Both the option exercise and the sales were effected pursuant to a Rule 10b5-1 trading plan entered March 14, 2025.

What was the sale price for the shares sold by the reporting person?

The shares were sold at a weighted-average price of $17.40, with individual sale prices ranging from $17.25 to $18.07.

How did these transactions affect Steve Manko’s holdings in SKYT?

Reported beneficial ownership was 387,951 shares after the option exercise and 327,122 shares after the sales.

Who signed the Form 4 filing for the reporting person?

The Form 4 is signed on behalf of the reporting person by Christopher Hilberg, Attorney-in-Fact with a signature date of 09/30/2025.