Julie Smolyansky - 06 Mar 2026 Form 4 Insider Report for Lifeway Foods, Inc. (LWAY)

Role: CEO, President and Secretary, Director, 10%+ Owner
Signature: /s/ Julie Smolyansky
Issuer symbol: LWAY
Transactions as of: 06 Mar 2026
Net transactions value: $0
Form type: 4
Filing time: 10 Mar 2026, 16:30:09 UTC
Previous filing: 18 Jun 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
SMOLYANSKY JULIE	CEO, President and Secretary, Director, 10%+ Owner	C/O LIFEWAY FOODS, INC., 6431 OAKTON STREET, MORTON GROVE	/s/ Julie Smolyansky	10 Mar 2026	0001227846

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	LWAY	Common Stock, no par value	Options Exercise		+13,334	+0.62%	$0.000000^*	2,152,652	06 Mar 2026	Direct	F1
transaction	LWAY	Common Stock, no par value	Disposed to Issuer		-13,334	-0.62%	$21.50^*	2,139,318	06 Mar 2026	Direct	F1
holding	LWAY	Common Stock, no par value						22,216	06 Mar 2026	See footnote	F2
holding	LWAY	Common Stock, no par value						5,122	06 Mar 2026	See footnote	F3
holding	LWAY	Common Stock, no par value						500,000	06 Mar 2026	See footnote	F4

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		-13,334	-100%		0	06 Mar 2026	Common Stock	13,334		Direct	F1
transaction	LWAY	Performance Share Units	Award		+108,426			108,426	06 Mar 2026	Common Stock	108,426		Direct	F10
holding	LWAY	Restricted Stock Units						12,111	06 Mar 2026	Common Stock	12,111		Direct	F5
holding	LWAY	Restricted Stock Units						12,138	06 Mar 2026	Common Stock	12,138		Direct	F6
holding	LWAY	Restricted Stock Units						10,191	06 Mar 2026	Common Stock	10,191		Direct	F7
holding	LWAY	Restricted Stock Units						970	06 Mar 2026	Common Stock	970		See footnote (3	F8
holding	LWAY	Restricted Stock Units						1,019	06 Mar 2026	Common Stock	1,019		See footnote	F3, F9

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

Explanation of Responses:

Id	Content
F1	No shares of stock were issued. Each Restricted Stock Unit ("RSU") granted to the Reporting Person on August 31, 2022 was the economic equivalent of one share of common stock. 13,334 RSUs held by Reporting Person vested on August 31, 2025. On March 6, 2026, such vested RSUs were settled in cash.
F2	Held for the benefit of minor children.
F3	Held by the Reporting Person's spouse.
F4	Held by Smolyansky Holding LLC of which the reporting person is the beneficial owner of 50%. The reporting person disclaims beneficial ownership of such shares except to the extent of any pecuniary interest therein.
F5	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.
F6	Each restricted stock unit has a value equal to one share of common stock. Of such restricted stock units, 6,070 vested on January 10, 2026 and 6,068 will vest on January 10, 2027, contingent on the Reporting Person's continued service on each applicable vesting date.
F7	Each restricted stock unit has a value equal to one share of common stock. Of such restricted stock units, 3,397 will vest on March 28, 2026, 3,397 will vest on March 28, 2027, and 3,397 will vest on March 28, 2028, contingent on the Reporting Person's continued service on each applicable vesting date.
F8	Each restricted stock unit has a value equal to one share of common stock. Of such restricted stock units, 486 vested on January 10, 2026 and 484 will vest on January 10, 2027, contingent on the Reporting Person's spouse's continued service on each applicable vesting date.
F9	Each restricted stock unit has a value equal to one share of common stock. Of such restricted stock units, 340 will vest on March 28, 2026, 340 will vest on March 28, 2027, and 339 will vest on March 28, 2028, contingent on the Reporting Person's spouse's continued service on each applicable vesting date.
F10	On June16, 2023, the Reporting Person was granted performance share units ("PSUs"), the vesting of which was subject to the achievement of certain 3-year cumulative revenue criteria and 3-year cumulative adjusted EBITDA criteria. In light of the performance-based conditions of the award, the award was not reportable under Section 16 until the performance-based conditions were certified by the Issuer's Compensation Committee. Such certification occurred on March 6, 2026. The PSUs are to be settled no later than March 15, 2027 in cash, unless prior to settlement the Issuer receives consent of Danone North America PBC ("Danone") to issue common stock to the Reporting Person or such consent is no longer required pursuant to the Cooperation Agreement, dated September 30, 2025, between the Issuer and Danone, in which case, the Compensation Committee may determine, in its sole discretion, to settle the PSUs instead with common stock or a combination of common stock and cash.