JULIE SMOLYANSKY - 19 May 2025 Form 4 Insider Report for Lifeway Foods, Inc. (LWAY)

Role: CEO, President and Secretary, Director, 10%+ Owner
Signature: /s/ Julie Smolyansky
Issuer symbol: LWAY
Transactions as of: 19 May 2025
Net transactions value: -$1,103,500
Form type: 4
Filing time: 20 May 2025, 15:12:39 UTC
Previous filing: 02 Apr 2025
Next filing: 18 Jun 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
SMOLYANSKY JULIE	CEO, President and Secretary, Director, 10%+ Owner	C/O LIFEWAY FOODS, INC., 6431 OAKTON STREET, MORTON GROVE	/s/ Julie Smolyansky	20 May 2025	0001227846

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	LWAY	Common Stock, no par value	Sale	$1,103,500	-50,000	-2.3%	$22.07	2,132,483	19 May 2025	Direct	F1, F2
holding	LWAY	Common Stock, no par value						22,216	19 May 2025	See footnote	F3
holding	LWAY	Common Stock, no par value						5,122	19 May 2025	See footnote	F4
holding	LWAY	Common Stock, no par value						500,000	19 May 2025	See footnote	F5

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	LWAY	Restricted Stock Units						12,138	19 May 2025	Common Stock	12,138		Direct	F6
holding	LWAY	Restricted Stock Units						24,224	19 May 2025	Common Stock	24,224		Direct	F7
holding	LWAY	Restricted Stock Units						13,334	19 May 2025	Common Stock	13,334		Direct	F8
holding	LWAY	Restricted Stock Units						10,191	19 May 2025	Common Stock	10,191		Direct	F9
holding	LWAY	Restricted Stock Units						970	19 May 2025	Common Stock	970		See footnote	F4, F10
holding	LWAY	Restricted Stock Units						1,019	19 May 2025	Common Stock	1,019		See footnote	F4, F11

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The shares were sold by Reporting Person to cover a portion of taxes on compensatory equity issued to the Reporting Person and previously reported.
F2	The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $21.9174 to $22.2747 per share, inclusive. The holder undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
F3	Held for the benefit of minor children.
F4	Held by the Reporting Person's spouse.
F5	Held by Smolyansky Holding LLC of which the reporting person is the beneficial owner of 50%. The reporting person disclaims beneficial ownership of such shares except to the extent of any pecuniary interest therein.
F6	Each restricted stock unit has a value equal to one share of common stock. Of such restricted stock units, 6,070 will vest on January 10, 2026 and 6,068 will vest on January 10, 2027, contingent on the Reporting Person's continued service on each applicable vesting date.
F7	Each restricted stock unit has a value equal to one share of common stock. Of such restricted stock units, 12,113 will vest on June 16, 2025 and 12,111 will vest on June 16, 2026, contingent on the Reporting Person's continued service on each applicable vesting date.
F8	Each restricted stock unit has a value equal to one share of common stock. The remaining restricted stock units will vest on August 31, 2025, contingent on the Reporting Person's continued service on the vesting date.
F9	Each restricted stock unit has a value equal to one share of common stock. Of such restricted stock units, 3,397 will vest on March 28, 2026, 3,397 will vest on March 28, 2027, and 3,397 will vest on March 28, 2028, contingent on the Reporting Person's continued service on each applicable vesting date.
F10	Each restricted stock unit has a value equal to one share of common stock. Of such restricted stock units, 486 will vest on January 10, 2026 and 484 will vest on January 10, 2027, contingent on the Reporting Person's spouse's continued service on each applicable vesting date.
F11	Each restricted stock unit has a value equal to one share of common stock. Of such restricted stock units, 340 will vest on March 28, 2026, 340 will vest on March 28, 2027, and 339 will vest on March 28, 2028, contingent on the Reporting Person's spouse's continued service on each applicable vesting date.