Jason Scott Scher - Jun 30, 2025 Form 4 Insider Report for Lifeway Foods, Inc. (LWAY)

Role: Director
Signature: /s/ Eric Hanson, as attorney-in-fact
Stock symbol: LWAY
Transactions as of: Jun 30, 2025
Transactions value $: $0
Form type: 4
Date filed: 7/1/2025, 04:13 PM
Previous filing: Jun 30, 2025
Next filing: Oct 2, 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
SCHER JASON SCOTT	Director	C/O LIFEWAY FOODS, INC., 6431 OAKTON STREET, MORTON GROVE	/s/ Eric Hanson, as attorney-in-fact	2025-07-01	0001554866

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	LWAY	Common Stock, no par value						1	Jun 30, 2025	Direct

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
transaction	LWAY	Restricted Stock Units	Options Exercise		-1.36K	-33.35%		2.71K	Jul 1, 2025	Common Stock	1.36K		Direct	F3
transaction	LWAY	Phantom Stock	Award		+923	+1.28%		73K	Jun 30, 2025	Common Stock	923		Direct	F4, F5
transaction	LWAY	Phantom Stock	Options Exercise		+1.36K	+1.86%		74.4K	Jul 1, 2025	Common Stock	1.36K		Direct	F4, F6
holding	LWAY	Restricted Stock Units						1.6K	Jun 30, 2025	Common Stock	1.6K		Direct	F1
holding	LWAY	Restricted Stock Units						3.1K	Jun 30, 2025	Common Stock	3.1K		Direct	F2

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

Explanation of Responses:

Id	Content
F1	Each restricted stock unit ("RSU") has a value equal to one share of common stock. The remaining RSUs will vest on August 31, 2025, contingent on the Reporting Person's continued service as a Director on the vesting date.
F2	Each RSU has a value equal to one share of common stock. Of such RSUs, 1,551 will vest on August 31, 2025 and 1,550 will vest on August 31, 2026, contingent on the Reporting Person's continued service as a Director on each applicable vesting date.
F3	Each RSU has a value equal to one share of common stock. Of such RSUs, 1,356 will vest on July 1, 2026 and 1,354 will vest on July 1, 2027, contingent on the Reporting Person's continued service as a Director on each applicable vesting date.
F4	Each share of phantom stock represents a right to receive one share of common stock. The phantom stock becomes payable on the date that the Reporting Person no longer serves as a director of the Company.
F5	The acquired shares of phantom stock were acquired upon deferral of the Reporting Person's cash compensation for service on the Board of Directors in the quarter ended June 30, 2025 stock pursuant to the Company's Non-Employee Director Equity and Deferred Compensation Plan (the "Director Plan").
F6	In connection with the vesting on July 1, 2025 of RSUs previously granted to the Reporting Person, the Reporting Person's receipt of 1,356 shares of common stock was deferred resulting in the Reporting Person's receipt instead of 1,356 shares of phantom stock pursuant to the Director Plan. The Reporting Person is therefore reporting the disposition of 1,356 RSUs in exchange for an equal number of shares of phantom stock.