Lifeway Foods director acquires 708 stock rights

Q: How many phantom-stock shares did LWAY director Juan Carlos Dalto acquire?

Juan Carlos Dalto acquired 708 shares of phantom stock on September 30, 2026, through deferral of cash compensation for board service in the quarter ended that day.

Q: When do LWAY director Juan Carlos Dalto’s restricted stock units vest?

The 2,512 RSUs vest on December 30, 2026, contingent on continued director service; the 1,354 and 2,038 RSUs vest on July 1, 2027, each contingent on continued director service on that date.

The phantom-stock award came from deferred board-service cash compensation; the listed RSUs vest only if director service continues through each vesting date.

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Rhea-AI Filing Summary

Lifeway Foods, Inc. director Juan Carlos Dalto acquired 708 shares of phantom stock on September 30, 2026, through deferral of cash compensation for board service in the quarter ended that day. His phantom-stock balance following the acquisition was 11,479 shares; he also directly held 4,751 common shares. His reported restricted stock units vest on December 30, 2026, and July 1, 2027, contingent on continued service as a director on the applicable vesting date.

Insider Trade Summary

Grant/Award: 708 shares

Grant/Award 5 txns

Insider Dalto Juan Carlos

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock ^{F4, F5}	708	--	--
holding	Restricted Stock Units ^F1	--	--	--
holding	Restricted Stock Units ^F2	--	--	--
holding	Restricted Stock Units ^F3	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Phantom Stock — 11,479 contracts (Direct); Restricted Stock Units — 5,904 contracts (Direct); Common Stock — 4,751 shares (Direct)

Footnotes (5)

F1. Each restricted stock unit ("RSU") represents a contingent right to receive one share of common stock. The RSUs vest on December 30, 2026 contingent on the Reporting Person's continued service as a Director on such vesting date.
F2. Each RSU represents a contingent right to receive one share of common stock. The RSUs vest on July 1, 2027, contingent on the Reporting Person's continued service as a Director on such vesting date.
F3. Each RSU represents a contingent right to receive one share of common stock. The RSUs vest on July 1, 2027 contingent on the Reporting Person's continued service as a Director on such vesting date.
F4. 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.
F5. 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 September 30, 2026 pursuant to the Company's Non-Employee Director Equity and Deferred Compensation Plan.

Key Figures

Phantom stock acquired: 708 shares Phantom-stock balance: 11,479 shares Direct common stock holdings: 4,751 shares +3 more

6 metrics

Phantom stock acquired 708 shares Acquired September 30, 2026, through deferral of board-service cash compensation.

Phantom-stock balance 11,479 shares Reported following the September 30, 2026 acquisition.

Direct common stock holdings 4,751 shares Reported as of September 30, 2026.

RSUs underlying common shares 2,512 shares Vesting December 30, 2026, contingent on continued service as a director on that date.

RSUs underlying common shares 1,354 shares Vesting July 1, 2027, contingent on continued service as a director on that date.

RSUs underlying common shares 2,038 shares Vesting July 1, 2027, contingent on continued service as a director on that date.

Key Terms

Phantom Stock, Restricted Stock Units, Non-Employee Director Equity and Deferred Compensation Plan

3 terms

Phantom Stock financial

"Each share of phantom stock represents a right to receive one share"

A phantom stock is a form of compensation that gives employees or executives the benefits of stock ownership, such as the increase in stock value, without actually giving them real shares. It acts like a promise to pay the employee the equivalent value of company stock later, often as a bonus or incentive. This allows companies to motivate and reward staff without diluting ownership or transferring actual shares.

Restricted Stock Units financial

"Each restricted stock unit ("RSU") represents a contingent right"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

Non-Employee Director Equity and Deferred Compensation Plan financial

"pursuant to the Company's Non-Employee Director Equity and Deferred Compensation Plan"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many phantom-stock shares did LWAY director Juan Carlos Dalto acquire?

Juan Carlos Dalto acquired 708 shares of phantom stock on September 30, 2026, through deferral of cash compensation for board service in the quarter ended that day.

When do LWAY director Juan Carlos Dalto’s restricted stock units vest?

The 2,512 RSUs vest on December 30, 2026, contingent on continued director service; the 1,354 and 2,038 RSUs vest on July 1, 2027, each contingent on continued director service on that date.

When does Juan Carlos Dalto’s LWAY phantom stock become payable?

Each phantom-stock share represents a right to receive one common share. The phantom stock becomes payable when Dalto no longer serves as a director.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/01/2026 - 04:53 PM Accepted by SEC EDGAR 10/01/2026 - 04:53 PM

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).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Dalto Juan Carlos

(Last)

(First)

(Middle)

C/O LIFEWAY FOODS, INC.

6431 WEST OAKTON

(Street)

MORTON GROVE

ILLINOIS

60053

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Lifeway Foods, Inc. [ LWAY ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2026

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

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

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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock								4,751	D

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Stock Units	⁽¹⁾							⁽¹⁾	⁽¹⁾	Common Stock	2,512		2,512	D
Restricted Stock Units	⁽²⁾							⁽²⁾	⁽²⁾	Common Stock	1,354		1,354	D
Restricted Stock Units	⁽³⁾							⁽³⁾	⁽³⁾	Common Stock	2,038		2,038	D
Phantom Stock	⁽⁴⁾⁽⁵⁾	09/30/2026		A		708		⁽⁴⁾⁽⁵⁾	⁽⁴⁾⁽⁵⁾	Common Stock	708	⁽⁴⁾⁽⁵⁾	11,479	D

Explanation of Responses:

1. Each restricted stock unit ("RSU") represents a contingent right to receive one share of common stock. The RSUs vest on December 30, 2026 contingent on the Reporting Person's continued service as a Director on such vesting date.

2. Each RSU represents a contingent right to receive one share of common stock. The RSUs vest on July 1, 2027, contingent on the Reporting Person's continued service as a Director on such vesting date.

3. Each RSU represents a contingent right to receive one share of common stock. The RSUs vest on July 1, 2027 contingent on the Reporting Person's continued service as a Director on such vesting date.

4. 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.

5. 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 September 30, 2026 pursuant to the Company's Non-Employee Director Equity and Deferred Compensation Plan.

	/s/ Eric Hanson, as attorney-in-fact	10/01/2026
	** 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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR