Ludmila Smolyansky - Dec 14, 2022 Form 4 Insider Report for Lifeway Foods, Inc. (LWAY)

Role: Director, 10%+ Owner
Signature: /s/ Ludmila Smolyansky
Stock symbol: LWAY
Transactions as of: Dec 14, 2022
Transactions value $: -$33,350
Form type: 4
Date filed: 12/15/2022, 05:08 PM
Previous filing: Dec 13, 2022
Next filing: Feb 13, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	LWAY	Common Stock, no par value	Sale	-$33.4K	-5K	-0.21%	$6.67	2.38M	Dec 14, 2022	See Footnote	F1, F2
holding	LWAY	Common Stock, no par value						27.3K	Dec 14, 2022	See Footnote	F3

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	Dec 14, 2022	Common Stock	4.8K		Direct	F4

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

Explanation of Responses:

Id	Content
F1	The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $6.54 to $6.79 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.
F2	Held by the Ludmila Smolyansky Trust 2/1/05, of which Ludmila Smolyansky is the trustee.
F3	Held by The Smolyansky Family Foundation, of which Ludmila Smolyansky is the trustee
F4	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.