Lifeway Foods (LWAY) trust reports sale of 10,000 insider shares

Rhea-AI Filing Summary

Lifeway Foods, Inc. insider Ludmila Smolyansky, a member of a 10% owner group, reported an indirect open-market sale of 10,000 shares of common stock at a weighted average price of $18.74 per share on March 18, 2026. The shares were sold in multiple trades at prices between $18.42 and $19.34.

The transaction was made through the Ludmila Smolyansky Trust 2/1/05, where she serves as trustee, which held 747,823 shares after the sale. Additional indirect holdings include 17,343 shares held by The Smolyansky Family Foundation, where she is trustee, and 750,000 shares held by The Ludmila and Edward Smolyansky Family Foundation, where she is a director and disclaims beneficial ownership of those shares.

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

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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^*

SMOLYANSKY LUDMILA

(Last) (First) (Middle)

C/O EDWARD SMOLYANSKY

1219 N WELLS ST

(Street)

CHICAGO ILLINOIS 60610

(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)

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Member of 10% owner group

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/18/2026

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock, no par value	03/18/2026		S		10,000	D	$18.74(1)	747,823	I	See footnote(2)
Common Stock, no par value								17,343	I	See footnote(3)
Common Stock, no par value								750,000	I	See footnote(4)

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

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging between $18.42 and $19.34, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

2. Held by the Ludmila Smolyansky Trust 2/1/05, of which Ludmila Smolyansky is the trustee.

3. Held by The Smolyansky Family Foundation, of which Ludmila Smolyansky is the trustee.

4. Held by The Ludmila and Edward Smolyansky Family Foundation, of which Ludmila Smolyansky is a director. The reporting person disclaims beneficial ownership of such shares.

	/s/ Ludmila Smolyansky	03/19/2026
	** 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)

FAQ

What insider transaction did Ludmila Smolyansky report for Lifeway Foods (LWAY)?

Ludmila Smolyansky reported an indirect open-market sale of 10,000 Lifeway Foods shares. The sale was executed on March 18, 2026, through the Ludmila Smolyansky Trust 2/1/05, where she serves as trustee and holds a significant indirect ownership position.

At what prices were the 10,000 Lifeway Foods (LWAY) shares sold?

The 10,000 Lifeway Foods shares were sold at a weighted average price of $18.74. Individual trades occurred in multiple transactions, with prices ranging from $18.42 to $19.34 per share, according to the detailed disclosure provided for this Form 4 filing.

How many Lifeway Foods (LWAY) shares did the Ludmila Smolyansky Trust hold after the sale?

After the reported sale, the Ludmila Smolyansky Trust 2/1/05 held 747,823 Lifeway Foods shares. This indicates the 10,000-share disposition was relatively small compared with the trust’s remaining position, which continues to represent a substantial indirect ownership stake.

What other entities associated with Ludmila Smolyansky hold Lifeway Foods (LWAY) shares?

Entities associated with Ludmila Smolyansky include The Smolyansky Family Foundation, holding 17,343 shares, and The Ludmila and Edward Smolyansky Family Foundation, holding 750,000 shares. She is trustee of the first foundation and a director of the second, where she disclaims beneficial ownership.

Does Ludmila Smolyansky disclaim beneficial ownership of any Lifeway Foods (LWAY) shares?

Yes. For shares held by The Ludmila and Edward Smolyansky Family Foundation, Ludmila Smolyansky is a director and expressly disclaims beneficial ownership. This disclosure clarifies that, despite her role, she does not claim economic ownership of those particular Lifeway Foods shares.

Is the Lifeway Foods (LWAY) insider sale a direct or indirect transaction?

The reported insider sale is an indirect transaction carried out through the Ludmila Smolyansky Trust 2/1/05. The filing classifies ownership as indirect, with Smolyansky acting as trustee, rather than a direct personal holding registered in her own name.