Ludmila Smolyansky - Nov 7, 2022 Form 4 Insider Report for Lifeway Foods, Inc. (LWAY)

Role: Director, 10%+ Owner
Signature: /s/ Ludmila Smolyansky
Stock symbol: LWAY
Transactions as of: Nov 7, 2022
Transactions value $: -$3,996,598
Form type: 4
Date filed: 11/9/2022, 01:02 PM
Previous filing: Sep 2, 2022
Next filing: Dec 2, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	LWAY	Common Stock, no par value	Disposed to Issuer	-$4M	-850K	-25.66%	$4.70	2.46M	Nov 7, 2022	See Footnote	F1
holding	LWAY	Common Stock, no par value						27.3K	Nov 7, 2022	See Footnote	F2

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						4.8K	Nov 7, 2022	Common Stock	4.8K		Direct	F3

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

Explanation of Responses:

Id	Content
F1	Held by the Ludmila Smolyansky Trust 2/1/05, of which Ludmila Smolyansky is the trustee.
F2	Held by The Smolyansky Family Foundation, of which Ludmila Smolyansky is the trustee
F3	Each restricted stock unit has a value equal to one share of common stock. Of such restricted stock units, 1,600 will vest on each of August 31, 2023, 2024 and 2025, contingent on the Reporting Person's continued service as a Director on each applicable vesting date. The issuance of shares upon vesting of the restricted stock units is dependent on receipt by the Company of consent and agreement by DanoneWave PBC ("Danone") that such issuance will not constitute a breach of violation of or constitute "New Securities" under that certain Stockholders' Agreement, dated as of October 1, 1999, by and among the Corporation, Danone, Michael Smolyansky and the other stockholders of the Corporation listed therein, as amended by that certain letter agreement dated September 24, 1999 and as further amended from time to time.