Jason Scott Scher - 10 Jan 2026 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: 10 Jan 2026
Net transactions value: $0
Form type: 4
Filing time: 12 Jan 2026, 16:30:03 UTC
Previous filing: 05 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	12 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	10 Jan 2026	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		-1,600	-100%		0	10 Jan 2026	Common Stock	1,600		Direct	F1, F3
transaction	LWAY	Restricted Stock Units	Options Exercise		-1,551	-50%		1,550	10 Jan 2026	Common Stock	1,551		Direct	F1, F4
transaction	LWAY	Phantom Stock	Award		+3,151	+4.1%		79,597	10 Jan 2026	Common Stock	3,151		Direct	F6, F7
holding	LWAY	Restricted Stock Units						2,512	10 Jan 2026	Common Stock	2,512		Direct	F1, F2
holding	LWAY	Restricted Stock Units						2,710	10 Jan 2026	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 and were settled on January 10, 2026 (the "1,600 Settled RSUs").
F4	Of such RSUs, 1,551 vested on August 31, 2025 which were settled on January 10, 2026 (together with the 1,600 Settled RSUs, the "Settled RSUs"). 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	In connection with settlement of the Settled RSUs on January 10, 2026, the Reporting Person's receipt of the common stock underlying the Settled RSUs was deferred in accordance with the Company's 2022 Non-Employee Director Equity and Deferred Compensation Plan, resulting in the Reporting Person's receipt instead of 3,151 shares of phantom stock. The Reporting Person is therefore reporting the conversion of 3,151 RSUs into an equal number of shares of phantom stock.