[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), reported multiple open-market sales of common stock on September 9-11, 2025. The Form 4 shows sales of 6,218 shares at a weighted average price of $10.8688 on 09/09/2025, 4,396 shares at $10.6358 on 09/10/2025, and 229,029 shares at $10.4358 on 09/11/2025, with 120,000 of the September 11 sales executed automatically under a Rule 10b5-1 trading plan adopted June 13, 2025. Following the reported transactions, the aggregate beneficial ownership reported on the form equals several million shares across direct and indirect holdings held by Mr. Unterseher, CMI Oxbow Partners, LLC, Oxbow Industries, LLC and related trusts and family entities. The filer disclaims beneficial ownership of shares held directly by CMI except to the extent of any pecuniary interest, and offers to provide transaction-level sale details upon request by regulators or security holders.

Positive

• Adoption of a Rule 10b5-1 trading plan (adopted 06/13/2025) for at least 120,000 shares, indicating pre-planned, compliant sales
• Transparency offer to provide per-price sale breakdowns to the SEC, issuer, or security holders upon request
• Continued substantial ownership reported across direct and indirect vehicles, indicating ongoing insider stake

Negative

• Significant open-market sales reported: 6,218 shares on 09/09/2025, 4,396 shares on 09/10/2025, and 229,029 shares on 09/11/2025
• Large single-day disposition of 229,029 shares on 09/11/2025 (weighted average price $10.4358), which may increase near-term share supply

Insights

Financial Analyst

TL;DR: Director sold sizeable blocks over three days, including automated 10b5-1 sales; ownership remains concentrated.

These sales total at least 239,643 shares reported across three days with a large 229,029-share trade on 09/11/2025, of which 120,000 were executed under a pre-established Rule 10b5-1 plan. While the disposition reduces the reporting person’s immediate economic exposure, the Form shows continued large beneficial holdings across direct and indirect vehicles totaling several million shares. The filing’s explicit offer to disclose per-price sale breakdowns supports transparency. For investors, such concentrated insider ownership combined with planned selling can affect perceptions of liquidity and near-term supply but does not by itself reveal company fundamentals.

Corporate Governance Expert

TL;DR: Use of a Rule 10b5-1 plan signals pre-planned disposals; continued indirect holdings indicate sustained insider alignment.

The filer documents that some sales were governed by a 10b5-1 trading plan adopted on 06/13/2025, which typically provides an affirmative defense against insider trading claims when properly structured. The explanatory footers clarify complex ownership through entities and trusts and include a standard disclaimer of beneficial ownership where applicable. From a governance standpoint, the filing demonstrates procedural compliance and transparent attribution of indirect holdings, while also showing active liquidity events by a significant shareholder and company director.

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).

X

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)
09/09/2025

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	09/09/2025		S		6,218	D	$10.8688(1)	7,594,027	D	(2)
Common Stock	09/10/2025		S		4,396	D	$10.6358(3)	7,589,631	D	(2)
Common Stock	09/11/2025		S		229,029	D	$10.4358(4)	7,360,602	D(5)	(2)
Common Stock								3	D	(6)
Common Stock								23,713	D	(7)
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 6,218 shares of common stock of SkyWater Technology, Inc. sold in multiple transactions on September 9, 2025 with sale prices ranging from $10.80 to $10.97 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 4,396 shares of common stock of SkyWater Technology, Inc. sold in multiple transactions on September 10, 2025 with sale prices ranging from $10.60 to $10.67 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. Reflects the weighted average price of 229,029 shares of common stock of SkyWater Technology, Inc. sold in multiple transactions on September 11, 2025 with sale prices ranging from $10.00 to $10.50 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.

5. Includes 120,000 sold automatically pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on June 13, 2025.

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

7. Shares owned directly by Mr. Unterseher.

	/s/ Loren A. Unterseher	09/11/2025
	** 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 shares did Loren A. Unterseher sell according to the SKYT Form 4?

The Form 4 reports sales of 6,218 shares on 09/09/2025 at a weighted average price of $10.8688, 4,396 shares on 09/10/2025 at $10.6358, and 229,029 shares on 09/11/2025 at $10.4358.

Were any sales executed under a Rule 10b5-1 plan in the SKYT filing?

Yes. The filing states that 120,000 shares were sold automatically pursuant to a Rule 10b5-1 trading plan adopted on 06/13/2025.

How much SkyWater stock does the reporting person beneficially own after the transactions?

The Form 4 reports aggregate beneficial ownership across direct and indirect holdings equal to several million shares (examples shown: 7,360,602; 7,594,027; 7,589,631 in various lines), reflecting concentrated insider holdings.

Who else is listed as related reporting entities on the Form 4?

Related reporting persons and holders include CMI Oxbow Partners, LLC and Oxbow Industries, LLC, both at the same address, with Mr. Unterseher noted as President of CMI and Managing Partner of Oxbow.

Does the filer disclaim beneficial ownership of any shares?

Yes. Mr. Unterseher disclaims beneficial ownership of shares held directly by CMI except to the extent of any pecuniary interest, as stated in the explanatory section.