[Form 4] SkyWater Technology, Inc Insider Trading Activity

Rhea-AI Filing Summary

SkyWater Technology (SKYT) director and 10% owner Loren A. Unterseher reported several changes in his indirect and direct ownership of common stock. On October 3, 2025, multiple gifts or transfers (coded G) moved large blocks of shares among a 2023 grantor retained annuity trust, trusts for his son and daughter, and a revocable trust, all at a reported price of $0 per share. On November 13, 2025, he sold 2,200 shares at a weighted average price of $20.5472, followed by a sale of 12,000 shares on November 17, 2025 at a weighted average price of $17.451. The filing notes that, since his last ownership report, 2,000,000 shares were transferred to his former spouse under a domestic relations order, and that certain shares are held through CMI Oxbow Partners, LLC, Oxbow Industries, LLC, a family irrevocable trust, and other family-related trusts.

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

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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)
10/01/2025

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	10/03/2025		G		2,480,746	D	$0	0	I	By 2023 grantor retained annuity trust
Common Stock	10/03/2025		G		457,232	A	$0	687,812	I	By trust for benefit of son
Common Stock	10/03/2025		G		457,232	A	$0	687,812	I	By trust for benefit of son
Common Stock	10/03/2025		G		457,232	A	$0	687,811	I	By trust for benefit of daughter
Common Stock	10/03/2025		G		457,232	A	$0	687,811	I	By trust for benefit of daughter
Common Stock	10/03/2025		G		651,818	A	$0	651,818	I	By Revocable Trust
Common Stock	11/13/2025		S		2,200	D	$20.5472(1)	4,809,056(2)	D	(3)
Common Stock	11/17/2025		S		12,000	D	$17.451(4)	4,797,056	D	(3)
Common Stock								3	D	(5)
Common Stock								23,713	D	(6)
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 2,200 shares of common stock of SkyWater Technology, Inc. sold in multiple transactions on November 13, 2025 with sale prices ranging from $20.50 to $20.77 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. Since the date of the reporting person's last ownership report, 2,000,000 shares of common stock were transferred to his former spouse pursuant to a domestic relations order. The reporting person no longer reports as beneficially owned any securities owned by his former spouse.

3. 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.

4. Reflects the weighted average price of 12,000 shares of common stock of SkyWater Technology, Inc. sold in multiple transactions on November 17, 2025 with sale prices ranging from $17.25 to $17.505 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. Oxbow directly holds the shares reported in Column 5.

6. Shares owned directly by Mr. Unterseher.

	/s/ Loren A. Unterseher	11/17/2025
	** 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.
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FAQ

What does this Form 4 for SkyWater Technology (SKYT) report?

This Form 4 reports changes in the ownership of SkyWater Technology, Inc. (SKYT) common stock by director and 10% owner Loren A. Unterseher, including gifts or transfers among trusts, open-market sales, and a previously completed transfer of shares to his former spouse.

How many SkyWater (SKYT) shares did Loren Unterseher sell and at what prices?

On November 13, 2025, Loren Unterseher sold 2,200 shares of SkyWater common stock at a weighted average price of $20.5472 per share. On November 17, 2025, he sold an additional 12,000 shares at a weighted average price of $17.451 per share.

What share transfers among trusts are disclosed for SKYT in this filing?

Effective October 3, 2025, the filing shows multiple transactions coded G (gifts or similar transfers) moving blocks of 2,480,746, 457,232, 457,232, 457,232, 457,232, and 651,818 SkyWater shares among a 2023 grantor retained annuity trust, trusts for the benefit of his son and daughter, and a revocable trust, all at a reported price of $0 per share.

What does the Form 4 say about the 2,000,000-share transfer related to Loren Unterseher?

The explanation states that, since his last ownership report, 2,000,000 shares of SkyWater common stock were transferred to his former spouse pursuant to a domestic relations order, and he no longer reports any securities owned by his former spouse as beneficially owned.

How are SkyWater (SKYT) shares held indirectly by Loren Unterseher?

The filing explains that CMI Oxbow Partners, LLC directly holds certain shares reported in Column 5, and that Oxbow Industries, LLC is the majority member of CMI. As President of CMI and Managing Partner of Oxbow, Loren Unterseher may be deemed to beneficially own those shares, as well as shares held in a family irrevocable trust, a 2024 grantor retained annuity trust, and other family-related trusts.

Does Loren Unterseher disclaim beneficial ownership of any SKYT shares in this report?

Yes. The filing states that Loren Unterseher may be deemed to be the beneficial owner of shares held by CMI Oxbow Partners, LLC but that he disclaims beneficial ownership of such shares, except to the extent of any pecuniary interest in them.