# EDGAR Filing Document

**Accession Number:** 0000814586
**File Stem:** 0001683168-25-004869
**Filing Date:** 2025-7
**Character Count:** 7944
**Document Hash:** 4378bc3119590312b2f802ab1f339483
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683168-25-004869.hdr.sgml**: 20250701

**ACCESSION NUMBER**: 0001683168-25-004869

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250701

**DATE AS OF CHANGE**: 20250701

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** SCHER JASON SCOTT
- **CENTRAL INDEX KEY:** 0001554866

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42398
- **FILM NUMBER:** 251096483

**MAIL ADDRESS:**
- **STREET 1:** 6431 WEST OAKTON STREET
- **CITY:** MORTON GROVE
- **STATE:** IL
- **ZIP:** 60053
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lifeway Foods, Inc.
- **CENTRAL INDEX KEY:** 0000814586
- **STANDARD INDUSTRIAL CLASSIFICATION:** DAIRY PRODUCTS [2020]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 363442829
- **STATE OF INCORPORATION:** IL
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 6431 W OAKTON
- **CITY:** MORTON GROVE
- **STATE:** IL
- **ZIP:** 60053
- **BUSINESS PHONE:** 847-967-1010

**MAIL ADDRESS:**
- **STREET 1:** 6431 W OAKTON
- **CITY:** MORTON GROVE
- **STATE:** IL
- **ZIP:** 60053

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LIFEWAY FOODS INC
- **DATE OF NAME CHANGE:** 19920703

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

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] 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**<sup>*</sup><br>SCHER JASON SCOTT<br><sub>(Last) (First) (Middle)</sub><br>C/O LIFEWAY FOODS, INC.<br>6431 OAKTON STREET<br><sub>(Street)</sub><br>MORTON GROVE, IL 60053<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-06-30 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [ ] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Lifeway Foods, Inc. [ LWAY ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock, no par value |  |  |  |  |  |  |  | 1 | D |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Restricted Stock Units | <sup>(1)</sup> |  |  |  |  |  |  | <sup>(1)</sup> | <sup>(1)</sup> | Common Stock | 1600 |  | 1600 | D |  |
| Restricted Stock Units | <sup>(2)</sup> |  |  |  |  |  |  | <sup>(2)</sup> | <sup>(2)</sup> | Common Stock | 3101 |  | 3101 | D |  |
| Restricted Stock Units | <sup>(3)</sup> | 2025-07-01 |  | M |  |  | 1356 | <sup>(3)</sup> | <sup>(3)</sup> | Common Stock | 1356 | <sup>(3)</sup> | 2710 | D |  |
| Phantom Stock | <sup>(4)(5)</sup> | 2025-06-30 |  | A |  | 923 |  | <sup>(4)(5)</sup> | <sup>(4)(5)</sup> | Common Stock | 923 | <sup>(4)(5)</sup> | 73041 | D |  |
| Phantom Stock | <sup>(4)(6)</sup> | 2025-07-01 |  | M |  | 1356 |  | <sup>(4)(6)</sup> | <sup>(4)(6)</sup> | Common Stock | 1356 | <sup>(4)(6)</sup> | 74397 | D |  |

---

### Footnotes:

(1) Each restricted stock unit ("RSU") has a value equal to one share of common stock. The remaining RSUs will vest on August 31, 2025, contingent on the Reporting Person's continued service as a Director on the vesting date.

(2) Each RSU has a value equal to one share of common stock. Of such RSUs, 1,551 will vest on August 31, 2025 and 1,550 will vest on August 31, 2026, contingent on the Reporting Person's continued service as a Director on each applicable vesting date.

(3) Each RSU has a value equal to one share of common stock. Of such RSUs, 1,356 will vest on July 1, 2026 and 1,354 will vest on July 1, 2027, contingent on the Reporting Person's continued service as a Director on each applicable 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 June 30, 2025 stock pursuant to the Company's Non-Employee Director Equity and Deferred Compensation Plan (the "Director Plan").

(6) In connection with the vesting on July 1, 2025 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.

**Signature:** /s/ Eric Hanson, as attorney-in-fact  
**Date:** 2025-07-01

### Remarks:

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.**