Jason Scott Scher - 31 Dec 2025 Form 4 Insider Report for Lifeway Foods, Inc. (LWAY)

Role: Director
Signature: /s/ Eric Hanson, as attorney-in-fact
Issuer symbol: LWAY
Transactions as of: 31 Dec 2025
Net transactions value: $0
Form type: 4
Filing time: 05 Jan 2026, 16:30:10 UTC
Previous filing: 31 Dec 2025
Next filing: 12 Jan 2026
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	05 Jan 2026	0001554866

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	LWAY	Common Stock, no par value						1	31 Dec 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	Phantom Stock	Award		+1,094	+1.5%		76,446	31 Dec 2025	Common Stock	1,094		Direct	F6, F7
holding	LWAY	Restricted Stock Units						2,512	31 Dec 2025	Common Stock	2,512		Direct	F1, F2
holding	LWAY	Restricted Stock Units						1,600	31 Dec 2025	Common Stock	1,600		Direct	F1, F3
holding	LWAY	Restricted Stock Units						3,101	31 Dec 2025	Common Stock	3,101		Direct	F1, F4
holding	LWAY	Restricted Stock Units						2,710	31 Dec 2025	Common Stock	2,710		Direct	F1, F5

* 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") represents a contingent right to receive one share of common stock.
F2	The RSUs vest on December 30, 2026 contingent on the Reporting Person's continued service as a Director on such vesting date.
F3	The RSUs vested on August 31, 2025. The underlying shares of common stock will be delivered on January 10, 2026.
F4	Of such RSUs, 1,551 vested on August 31, 2025. The underlying shares of common stock will be delivered on January 10, 2026. The remaining 1,550 RSUs will vest on August 31, 2026, contingent on the Reporting Person's continued service as a Director on each applicable vesting date.
F5	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.
F6	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.
F7	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 December 31, 2025 pursuant to the Company's Non-Employee Director Equity and Deferred Compensation Plan.