Eric A. Hanson - 10 Jan 2026 Form 4 Insider Report for Lifeway Foods, Inc. (LWAY)

Role: CFO
Signature: /s/ Eric A. Hanson
Issuer symbol: LWAY
Transactions as of: 10 Jan 2026
Net transactions value: -$39,182
Form type: 4
Filing time: 13 Jan 2026, 16:15:03 UTC
Previous filing: 18 Jun 2025
Next filing: 10 Mar 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Hanson Eric A	CFO	C/O LIFEWAY FOODS, INC., 6431 OAKTON STREET, MORTON GROVE	/s/ Eric A. Hanson	13 Jan 2026	0001742145

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	LWAY	Common Stock, no par value	Options Exercise		+3,751	+9%		45,384	10 Jan 2026	Direct	F3, F4
transaction	LWAY	Common Stock, no par value	Tax liability	$39,182	-1,720	-3.8%	$22.78	43,664	10 Jan 2026	Direct	F1

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		-1,263	-50%		1,261	10 Jan 2026	Common Stock	1,263		Direct	F3
transaction	LWAY	Restricted Stock Units	Options Exercise		-2,488	-100%		0	10 Jan 2026	Common Stock	2,488		Direct	F4
holding	LWAY	Restricted Stock Units						2,390	10 Jan 2026	Common Stock	2,390		Direct	F2
holding	LWAY	Restricted Stock Units						2,228	10 Jan 2026	Common Stock	2,228		Direct	F5

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

Explanation of Responses:

Id	Content
F1	No stock was sold. Such shares were surrendered to the issuer in connection with tax withholding obligations of the Reporting Person.
F2	Each restricted stock unit has a value equal to one share of common stock. The remaining restricted stock units will vest on June 16, 2026, contingent on the Reporting Person's continued service on the vesting date.2.
F3	Each restricted stock unit has a value equal to one share of common stock. Of such restricted stock units, 1,261 will vest on January 10, 2027, contingent on the Reporting Person's continued service on each applicable vesting date.
F4	Each restricted stock unit has a value equal to one share of common stock. The RSUs vested on August 31, 2025. The underlying shares of common stock were delivered on January 10, 2026.
F5	Each restricted stock unit has a value equal to one share of common stock. Of such restricted stock units, 743 will vest on March 28, 2026, 743 will vest on March 28, 2027, and 742 will vest on March 28, 2028, contingent on the Reporting Person's continued service on each applicable vesting date.