[Form 4] LENDWAY, INC. Insider Trading Activity

Rhea-AI Filing Summary

Mary Herfurth, a director of Lendway, Inc. (LDWY), acquired 1,008 Common Stock Equivalents on 09/30/2025 under the company’s Deferred Compensation Plan for Directors. The reported per-unit value was $5.4523, and after the transaction she beneficially owns 10,201 shares on a direct basis.

The Common Stock Equivalents represent the economic equivalent of one share each and will be settled in common stock upon a separation from service or in cash upon an earlier change in control. The Form 4 was filed by one reporting person and signed by an attorney-in-fact on 10/02/2025.

Positive

• 1,008 Common Stock Equivalents acquired under the Deferred Compensation Plan on 09/30/2025
• Beneficial ownership increased to 10,201 shares, showing greater director alignment with shareholders
• Settlement terms disclosed: stock on separation or cash on change in control

Negative

• None.

Insights

Corporate Governance Expert

Director deferred compensation converted to equity; modest insider alignment.

This filing shows a director-level compensation election under the Deferred Compensation Plan, resulting in 1,008 Common Stock Equivalents acquired on 09/30/2025. Such elections are a non-cash method to convert fees into equity-linked instruments that vest or settle later.

The instruments will settle in common stock upon separation or in cash upon a change in control, which preserves flexibility for both the director and the company. The filing reports 10,201 shares beneficially owned following the transaction, an explicit disclosure of ownership stake.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Herfurth Mary

(Last) (First) (Middle)

5000 WEST 36TH STREET, STE 220

(Street)

MINNEAPOLIS MN 55416

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
LENDWAY, INC. [ LDWY ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Common Stock Equivalent	(1)	09/30/2025		A		1,008		(1)	(1)	Common Stock	1,008	$5.4523	10,201	D

Explanation of Responses:

1. Each Common Stock Equivalent is the economic equivalent of one share of Lendway, Inc. common stock. The Common Stock Equivalents were acquired pursuant to the Lendway, Inc. Deferred Compensation Plan for Directors (the "Plan"), whereby Directors may elect to defer receipt of cash fees. The Common Stock Equivalents will be settled (i) in Lendway, Inc. common stock upon a separation from service with the Company or (ii) in cash upon an earlier change in control of the Company.

	/s/ Joyce E Kobilka, Attorney-in-Fact	10/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did Mary Herfurth report on Form 4 for LDWY?

She reported acquisition of 1,008 Common Stock Equivalents on 09/30/2025 under the company’s Deferred Compensation Plan.

What was the reported value per Common Stock Equivalent?

The filing shows a per-unit value of $5.4523.

How many shares does Mary Herfurth beneficially own after the transaction?

The Form 4 reports 10,201 shares beneficially owned following the reported transaction.

How will the Common Stock Equivalents be settled?

They will be settled in Lendway common stock upon separation from service or in cash upon an earlier change in control.

Who signed the Form 4 and when was it signed?

The form was signed by Joyce E Kobilka, Attorney-in-Fact on 10/02/2025.

Was the Form 4 filed by multiple reporting persons?

No. The filing indicates it was submitted by one reporting person.