[Form 4] SkyWater Technology, Inc Insider Trading Activity

Rhea-AI Filing Summary

SkyWater Technology, Inc. (SKYT) insider activity was reported involving a small stock sale. On 11/18/2025, a reporting person affiliated with CMI Oxbow Partners, LLC sold 9,662 shares of SkyWater common stock in an open-market transaction coded as a sale. The weighted average sale price was $16.2559 per share, with individual trade prices ranging from $16.25 to $16.39.

Following this transaction, 4,787,394 shares of common stock are reported as beneficially owned directly, with additional indirect holdings through various trusts and entities, including a family irrevocable trust, a 2024 grantor retained annuity trust, revocable trusts, and separate trusts for the benefit of the reporting person’s daughter and son. The reporting person is identified as both a director and a 10% owner of SkyWater Technology, Inc.

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).

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)
11/18/2025

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	11/18/2025		S		9,662	D	$16.2559(1)	4,787,394	D	(2)
Common Stock								3	D	(3)
Common Stock								23,713	D	(4)
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
Common Stock								651,818	I	By Revocable Trust
Common Stock								687,811	I	By trust for benefit of daughter
Common Stock								687,811	I	By trust for benefit of daughter
Common Stock								687,812	I	By trust for benefit of son
Common Stock								687,812	I	By trust for benefit of son

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 9,662 shares of common stock of SkyWater Technology, Inc. sold in multiple transactions on November 18, 2025 with sale prices ranging from $16.25 to $16.39 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	11/20/2025
	** 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 insider transaction did SkyWater Technology (SKYT) report in this Form 4?

The filing reports that a reporting person affiliated with CMI Oxbow Partners, LLC sold 9,662 shares of SkyWater Technology, Inc. common stock on 11/18/2025 in an open-market sale.

At what price were the 9,662 SkyWater (SKYT) shares sold?

The 9,662 shares of SkyWater Technology, Inc. common stock were sold at a weighted average price of $16.2559 per share, with individual trades executed between $16.25 and $16.39 per share.

How many SkyWater (SKYT) shares does the reporting person beneficially own after the sale?

After the reported sale, the filing shows 4,787,394 shares of SkyWater common stock beneficially owned directly, plus additional indirect beneficial holdings through entities and trusts such as a family irrevocable trust, a 2024 grantor retained annuity trust, revocable trusts, and trusts for the benefit of the reporting person’s daughter and son.

What is the relationship of the reporting person to SkyWater Technology (SKYT)?

The reporting person is identified as both a Director and a 10% Owner of SkyWater Technology, Inc. according to the relationship section of the filing.

Who is associated with the large SkyWater (SKYT) shareholdings reported in this Form 4?

The explanation notes that Mr. Loren A. Unterseher is President of CMI Oxbow Partners, LLC and Managing Partner of Oxbow Industries, LLC. CMI directly holds the shares reported in Column 5, and as a result he may be deemed a beneficial owner of those shares, while disclaiming beneficial ownership except to the extent of any pecuniary interest.

How are indirect holdings in SkyWater (SKYT) structured for the reporting person?

The filing lists indirect ownership of SkyWater common stock through multiple vehicles, including a family irrevocable trust, a 2024 grantor retained annuity trust, revocable trusts, and separate trusts for the benefit of the reporting person’s daughter and son, each holding specific amounts of common stock.