[Form 4] SkyWater Technology, Inc Insider Trading Activity

Rhea-AI Filing Summary

Loren A. Unterseher and affiliated entities reported sales of SkyWater Technology, Inc. (SKYT) common stock on September 12, 2025. The filing shows 188,976 shares disposed of in multiple transactions at sale prices ranging from $10.14 to $10.81 per share, with a weighted average price of $10.4719. After the reported transactions, the aggregate number of shares beneficially owned by the reporting person(s) is 7,171,626. The filing discloses both direct and indirect holdings across several vehicles, including CMI Oxbow Partners, LLC, Oxbow Industries, LLC, various grantor retained annuity trusts, family trusts for children, a spouse, and a family irrevocable trust. The reporting person signed the Form 4 on 09/16/2025.

Positive

• Transparent pricing disclosure: filing provides sale price range ($10.14–$10.81) and weighted average ($10.4719) for 188,976 shares
• Substantial retained ownership: reporting persons still beneficially own 7,171,626 shares after the transactions
• Clear ownership structure: direct and indirect holdings across named trusts and entities are disclosed

Negative

• Insider disposition: 188,976 shares were sold on 09/12/2025, representing an outflow of insider-held stock
• Concentration in related parties: significant ownership is held indirectly through multiple affiliated entities and trusts, which may complicate assessment of control

Insights

Securities Analyst

TL;DR: Insider sold a modest parcel while retaining a large beneficial stake, suggesting liquidity activity without full exit.

The sale of 188,976 shares at prices between $10.14 and $10.81 represents an identifiable insider disposition but is small relative to the reported post-transaction beneficial ownership of 7,171,626 shares. The filing clearly allocates holdings among direct and indirect vehicles, and the filer disclaims beneficial ownership of shares held directly by CMI except to the extent of pecuniary interest. This disclosure is routine under Section 16 and provides transparent pricing ranges and a weighted average for the executed transactions.

Corporate Governance Expert

TL;DR: Transaction complies with reporting rules and discloses ownership structure and trust holdings.

The Form 4 documents required elements: transaction date, codes, quantities, price information, and an explanation of indirect ownership through CMI and Oxbow entities and family trusts. The reporting person identifies multiple indirect ownership vehicles and includes a standard disclaimer regarding beneficial ownership of shares held by CMI. The filing includes an undertaking to provide detailed per-price share counts on request, which enhances disclosure completeness for regulators and investors.

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^*

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)
09/12/2025

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	09/12/2025		S		188,976	D	$10.4719(1)	7,171,626	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 188,976 shares of common stock of SkyWater Technology, Inc. sold in multiple transactions on September 12, 2025 with sale prices ranging from $10.14 to $10.81 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	09/16/2025
	** 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 Loren A. Unterseher report on Form 4 for SKYT?

He reported the sale of 188,976 shares on 09/12/2025 with sale prices ranging from $10.14 to $10.81 and a weighted average price of $10.4719.

How many SkyWater shares are beneficially owned after the reported transactions?

The reporting persons beneficially own 7,171,626 shares following the reported dispositions.

Which entities hold shares on behalf of the reporting person?

CMI Oxbow Partners, LLC, Oxbow Industries, LLC, various grantor retained annuity trusts, family trusts, spouse, and a family irrevocable trust are listed as direct or indirect holders.

When was the Form 4 signed and filed?

The signature date on the Form 4 is 09/16/2025 as shown on the filing.

Does the filing provide price details for the sold shares?

Yes: it states the sale prices ranged from $10.14 to $10.81 and that the reporting person can provide per-price share counts on request.