[Form 4] Lifeway Foods, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Ludmila Smolyansky, trustee and related-party to Lifeway Foods (LWAY), reported share sales totaling $396,600 across two days in October 2025. On 10/07/2025 she sold 5,000 shares at a weighted average price of $26.32 and on 10/08/2025 she sold 10,000 shares at a weighted average price of $26.44. After these dispositions she reports beneficial ownership of 832,823 shares indirectly through a trust, plus additional holdings of 17,343 and 75,000 shares held by two foundations where she is trustee or director.

The filings state the sales were multiple transactions at prices ranging between $25.83 and $26.88 and identify the reporting relationship as an officer and trustee. The form is signed and dated 10/09/2025.

Positive

• Transparent disclosure of multiple transactions with weighted average prices and price ranges
• Substantial retained indirect ownership of 832,823 shares through a trust, indicating continued stake

Negative

• Reported sales of 15,000 shares (total proceeds approx. $396,600), which reduces insider-held shares
• Filing does not specify whether transactions were executed under a Rule 10b5-1 trading plan

Insights

Corporate Governance Analyst

Insider disclosed routine stock sales with sustained indirect holdings.

The reporting person sold a total of 15,000 common shares on 10/07/2025 and 10/08/2025 at weighted average prices around $26.3, while retaining substantial indirect ownership through a trust of 832,823 shares plus foundation holdings of 17,343 and 75,000 shares. The form identifies the seller as an officer and trustee, and includes weighted price ranges for the multiple transactions.

Key dependencies include whether sales were part of a trading plan or one-off dispositions; the filing does not state a 10b5-1 plan. Watch for future Form 4s within the next quarter for any pattern changes in trading frequency or material changes in beneficial ownership.

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^*

SMOLYANSKY LUDMILA

(Last) (First) (Middle)

C/O EDWARD SMOLYANSKY

1219 N WELLS ST

(Street)

CHICAGO IL 60610

(City) (State) (Zip)

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

3. Date of Earliest Transaction (Month/Day/Year)
10/07/2025

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
Common Stock, no par value	10/07/2025		S		5,000	D	$26.32(1)	842,823	I	See footnote(2)
Common Stock, no par value	10/08/2025		S		10,000	D	$26.44(3)	832,823	I	See footnote(2)
Common Stock, no par value								17,343	I	See footnote(4)
Common Stock, no par value								75,000	I	See footnote(5)

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 $25.83 and $26.82, 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 footnotes (1) and (3).

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

3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging between $25.89 and $26.88, inclusive.

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

5. 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	10/09/2025
	** 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 did the LWAY Form 4 filed by Ludmila Smolyansky report?

It reported sales of 5,000 shares on 10/07/2025 at a weighted average price of $26.32 and 10,000 shares on 10/08/2025 at a weighted average price of $26.44.

How many Lifeway (LWAY) shares does Ludmila Smolyansky still beneficially own?

She reports 832,823 shares indirectly via a trust, plus 17,343 and 75,000 shares held by two foundations where she is trustee or director.

Were the sales executed at single prices or multiple prices?

The filing states the sales were multiple transactions with prices ranging between $25.83 and $26.88, reported as weighted averages.

Did the Form 4 indicate the trades were part of a 10b5-1 plan?

No. The filing does not indicate that the transactions were made pursuant to a Rule 10b5-1 trading plan.

When was the Form 4 signed?

The signature date on the filing is 10/09/2025.