LWAY · Lifeway Foods, Inc. · Insider Trading

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.

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.

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.

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.

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.

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.

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.

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.

Each restricted stock unit ("RSU") represents a contingent right to receive one share of common stock.

The RSUs vested on August 31, 2026.

Each restricted stock unit ("RSU") represents a contingent right to receive one share of common stock.

Each restricted stock unit ("RSU") represents a contingent right to receive one share of common stock.

The RSUs vested on August 31, 2026.

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.

In connection with the vesting on August 31, 2026 of RSUs previously granted to the Reporting Person, the Reporting Person's receipt of 1,550 shares of common stock was deferred resulting in the Reporting Person's receipt instead of 1,550 shares of phantom stock pursuant to the Company's Non-Employee Director Equity and Deferred Compensation Plan. The Reporting Person is therefore reporting the disposition of 1,550 RSUs in exchange for an equal number of shares of phantom stock.

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.

In connection with the vesting on August 31, 2026 of RSUs previously granted to the Reporting Person, the Reporting Person's receipt of 1,550 shares of common stock was deferred resulting in the Reporting Person's receipt instead of 1,550 shares of phantom stock pursuant to the Company's Non-Employee Director Equity and Deferred Compensation Plan. The Reporting Person is therefore reporting the disposition of 1,550 RSUs in exchange for an equal number of shares of phantom stock.

The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $24.6705 - $24.8293. The reporting persons undertake 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 ranges set forth in this footnote to this Form 4.

The reported securities are owned directly by Divisadero Street Partners, L.P. (the "Fund"), which is a private investment fund managed by Divisadero Street Capital Management, LP (the "Adviser"), and may be deemed to be indirectly beneficially owned by (i) the Adviser, (ii) Divisadero Street Capital, LLC (the "Adviser GP"), the general partner of the Adviser, (iii) Divisadero Street Partners GP, LLC (the "Fund GP"), the general partner of the Fund, and (iv) William Zolezzi, the manager of both the Adviser GP and the Fund GP.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging between $24.50 and $25.49, inclusive.

Beneficially held by the Edward Smolyansky Trust 2/2/16, of which the reporting person is the trustee.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging between $25.50 and $26.49, inclusive.

Beneficially held by the Edward Smolyansky Trust 2/2/16, of which the reporting person is the trustee.

The reported securities are owned directly by Divisadero Street Partners, L.P. (the "Fund"), which is a private investment fund managed by Divisadero Street Capital Management, LP (the "Adviser"), and may be deemed to be indirectly beneficially owned by (i) the Adviser, (ii) Divisadero Street Capital, LLC (the "Adviser GP"), the general partner of the Adviser, (iii) Divisadero Street Partners GP, LLC (the "Fund GP"), the general partner of the Fund, and (iv) William Zolezzi, the manager of both the Adviser GP and the Fund GP.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging between $26.50 and $27.49, inclusive.

Beneficially held by the Edward Smolyansky Trust 2/2/16, of which the reporting person is the trustee.

The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $24.5375 - $25.4022. The reporting persons undertake 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 bought at each separate price within the ranges set forth in this footnote to this Form 4.

The reported securities are owned directly by Divisadero Street Partners, L.P. (the "Fund"), which is a private investment fund managed by Divisadero Street Capital Management, LP (the "Adviser"), and may be deemed to be indirectly beneficially owned by (i) the Adviser, (ii) Divisadero Street Capital, LLC (the "Adviser GP"), the general partner of the Adviser, (iii) Divisadero Street Partners GP, LLC (the "Fund GP"), the general partner of the Fund, and (iv) William Zolezzi, the manager of both the Adviser GP and the Fund GP.

The price reported in Column 4 is the weighted average price. These shares were sold in multiple transactions at prices ranging between $28.61 and $29.60, 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 ranges set forth in this footnote (1) and in footnotes (3), (4) and (5).

Beneficially held by the Edward Smolyansky Trust 2/2/16, of which the reporting person is the trustee.

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

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging between $29.28 and $30.27, 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.

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

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging between $32.10 and $33.09, inclusive.

Beneficially held by the Edward Smolyansky Trust 2/2/16, of which the reporting person is the trustee.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging between $31.10 and $32.09, 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 ranges set forth in this footnote (1) and in footnote (3).

Beneficially held by the Edward Smolyansky Trust 2/2/16, of which the reporting person is the trustee.

The reporting person disclaims beneficial ownership of the shares owned by his son.

Beneficially held by the Trust.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging between $29.30 and $30.29, inclusive.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging between $29.75 and $30.74, 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 ranges set forth in this footnote (1) and in footnote (3).

Beneficially held by the Trust.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging between $29.30 and $30.29, inclusive.

Each restricted stock unit ("RSU") represents a contingent right to receive one share of common stock.

The remaining RSUs will vest on July 1, 2027, contingent on the Reporting Person's continued service as a Director on such vesting date.

Each restricted stock unit ("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.

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.

In connection with the vesting on July 1, 2026 of RSUs previously granted to the Reporting Person, the Reporting Person's receipt of 1,356 shares of common stock was deferred resulting in the Reporting Person's receipt instead of 1,356 shares of phantom stock pursuant to the Director Plan. The Reporting Person is therefore reporting the disposition of 1,356 RSUs in exchange for an equal number of shares of phantom stock.

Each restricted stock unit ("RSU") represents a contingent right to receive one share of common stock.

The remaining RSUs will vest on July 1, 2027, contingent on the Reporting Person's continued service as a Director on such vesting date.

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.

In connection with the vesting on July 1, 2026 of RSUs previously granted to the Reporting Person, the Reporting Person's receipt of 1,356 shares of common stock was deferred resulting in the Reporting Person's receipt instead of 1,356 shares of phantom stock pursuant to the Director Plan. The Reporting Person is therefore reporting the disposition of 1,356 RSUs in exchange for an equal number of shares of phantom stock.

Each restricted stock unit ("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 each applicable vesting date.

Each restricted stock unit ("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.

Each restricted stock unit ("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.

Each restricted stock unit ("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.

Each restricted stock unit ("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.

The remaining RSUs will vest on August 31, 2026, contingent on the Reporting Person's continued service as a Director on such vesting date.

Each restricted stock unit ("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.

Each restricted stock unit ("RSU") represents a contingent right to receive one share of common stock.

The remaining RSUs will vest on July 1, 2027, contingent on the Reporting Person's continued service as a Director on such vesting date.

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.

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

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.

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 June 30, 2026 pursuant to the Company's Non-Employee Director Equity and Deferred Compensation Plan (the "Director Plan").

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging between $29.28 and $30.27, inclusive.

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.

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

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.

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 June 30, 2026 pursuant to the Company's Non-Employee Director Equity and Deferred Compensation Plan (the "Director Plan").

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging between $30.00 and $30.99, inclusive.

Beneficially held by the Edward Smolyansky Trust 2/2/16, of which the reporting person is the trustee.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging between $29.51 and $30.50, inclusive.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging between $28.50 and $29.49, 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 ranges set forth in this footnote (1) and in footnotes (2), (3) and (5).

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging between $29.16 and $30.15, 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.

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

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging between $29.26 and $30.25, 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 ranges set forth in this footnote (1) and in footnote (2).

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging between $30.25 and $31.24, inclusive.

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

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging between $26.00 and $26.99, 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.

Beneficially held by the Edward Smolyansky Trust 2/2/16, of which the reporting person is the trustee.