<SEC-DOCUMENT>0001683168-23-006269.txt : 20230905
<SEC-HEADER>0001683168-23-006269.hdr.sgml : 20230905
<ACCEPTANCE-DATETIME>20230905171959
ACCESSION NUMBER:		0001683168-23-006269
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20230812
FILED AS OF DATE:		20230905
DATE AS OF CHANGE:		20230905

REPORTING-OWNER:	

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

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-17363
		FILM NUMBER:		231236944

	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]
		IRS NUMBER:				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
</SEC-HEADER>
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    <issuer>
        <issuerCik>0000814586</issuerCik>
        <issuerName>Lifeway Foods, Inc.</issuerName>
        <issuerTradingSymbol>LWAY</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001554866</rptOwnerCik>
            <rptOwnerName>SCHER JASON SCOTT</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O LIFEWAY FOODS, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>6431 OAKTON STREET</rptOwnerStreet2>
            <rptOwnerCity>MORTON GROVE</rptOwnerCity>
            <rptOwnerState>IL</rptOwnerState>
            <rptOwnerZipCode>60053</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
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    <aff10b5One>0</aff10b5One>

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            <expirationDate>
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            <underlyingSecurity>
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                    <value>Common Stock</value>
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                <underlyingSecurityShares>
                    <value>1600</value>
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            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>3200</value>
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                    <value>D</value>
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            <transactionDate>
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            <deemedExecutionDate></deemedExecutionDate>
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                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
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                <transactionPricePerShare>
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            <expirationDate>
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            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
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                </underlyingSecurityShares>
            </underlyingSecurity>
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                <sharesOwnedFollowingTransaction>
                    <value>40440</value>
                </sharesOwnedFollowingTransaction>
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                <transactionShares>
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                    <value>A</value>
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    <footnotes>
        <footnote id="F1">Each restricted stock unit (&quot;RSU&quot;) represents a contingent right once vested and as soon as practicable after the Reporting Person no longer serves as director to receive one share of Issuer's common stock. Such RSUs were granted upon conversion of the Reporting Person's Board of Director compensation in fiscal year 2021 into RSUs. 1,785 will vest and become non-forfeitable on August 12, 2024 and will be forfeited if the Reporting Person's service as director terminates for any reason other than his death or disability or a change in control of the Company.</footnote>
        <footnote id="F2">In connection with the vesting on August 12, 2023 of RSUs previously granted to the Reporting Person, the Reporting Person's receipt of 1,785 shares of common stock was deferred resulting in the Reporting Person's receipt instead of 1,785 shares of phantom stock pursuant to the Company's Non-Employee Director Equity and Deferred Compensation Plan (the &quot;Director Plan&quot;). The Reporting Person is therefore reporting the disposition of 1,785 RSUs in exchange for an equal number of shares of phantom stock.</footnote>
        <footnote id="F3">Each RSU has a value equal to one share of common stock. Of such restricted stock units, 1,600 will vest on each of August 31, 2024 and 2025, contingent on the Reporting Person's continued service as a Director on each applicable vesting date.</footnote>
        <footnote id="F4">In connection with the vesting on August 31, 2023 of RSUs previously granted to the Reporting Person, the Reporting Person's receipt of 1,600 shares of common stock was deferred resulting in the Reporting Person's receipt instead of 1,600 shares of phantom stock pursuant to the Director Plan. The Reporting Person is therefore reporting the disposition of 1,600 RSUs in exchange for an equal number of shares of phantom stock.</footnote>
        <footnote id="F5">Each share of phantom stock represents a right to receive one share of common stock.</footnote>
        <footnote id="F6">The phantom stock becomes payable on the date that the Reporting Person no longer serves as a director of the Company.</footnote>
        <footnote id="F7">Amount includes a ministerial change to reflect 37,054 shares of phantom stock previously reported as vested RSUs.</footnote>
        <footnote id="F8">Each RSU has a value equal to one share of common stock. Of such RSUs, 1,551 will vest on each of August 31, 2024 and 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.</footnote>
    </footnotes>

    <remarks>EX-24. Power of Attorney, dated as of January 13, 2023.</remarks>

    <ownerSignature>
        <signatureName>/s/ Eric Hanson, as attorney-in-fact</signatureName>
        <signatureDate>2023-09-05</signatureDate>
    </ownerSignature>
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<TYPE>EX-24
<SEQUENCE>2
<FILENAME>scher_ex24.htm
<DESCRIPTION>POWER OF ATTORNEY
<TEXT>
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<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><B>Exhibit 24</B></P>

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Know all by these presents,
that the undersigned hereby makes, constitutes and appoints each of Julie Smolyansky and Eric Hanson, or either of them acting individually,
and with full power of substitution, the undersigned's true and lawful attorney-in-fact to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.4in">(1)</TD><TD STYLE="text-align: justify">prepare, execute in the undersigned's name and on the undersigned's behalf, and submit to the U.S. Securities
and Exchange Commission (the &quot;SEC&quot;) a Form ID, including amendments thereto, and any other documents necessary or appropriate
to obtain codes and passwords enabling the undersigned to make electronic filings with the SEC of reports required by Section 16(a) of
the Securities Exchange Act of 1934 or any rule or regulation of the SEC;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.4in">(2)</TD><TD STYLE="text-align: justify">execute for and on behalf of the undersigned, in the undersigned's capacity as an officer and/or director
of Lifeway Foods, Inc., an Illinois corporation (the &quot;Company&quot;), Forms 3, 4, and 5, including amendments thereto, in accordance
with Section 16(a) of the Securities Exchange Act of 1934 and the rules and regulations thereunder;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.4in">(3)</TD><TD STYLE="text-align: justify">do and perform any and all acts for and on behalf of the undersigned which may be necessary or desirable
to complete and execute any such Form 3, 4, or 5, complete and execute any amendment or amendments thereto, and timely file such form
with the SEC and any stock exchange or similar authority; and</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.4in">(4)</TD><TD STYLE="text-align: justify">take any other action of any type whatsoever in connection with the foregoing which, in the opinion of
such attorney-in-fact, may be of benefit to, in the best interest of, or legally required by, the undersigned, it being understood that
the documents executed by such attorney-in-fact on behalf of the undersigned pursuant to this Power of Attorney shall be in such form
and shall contain such terms and conditions as such attorney-in-fact may approve in such attorney-in-fact's discretion.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned hereby grants
to each such attorney-in-fact full power and authority to do and perform any and every act and thing whatsoever requisite, necessary,
or proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned
might or could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that such
attorney-in-fact, or such attorney-in-fact's substitute or substitutes, shall lawfully do or cause to be done by virtue of this power
of attorney and the rights and powers herein granted. The undersigned acknowledges that the foregoing attorneys-in-fact, in serving in
such capacity at the request of the undersigned, are not assuming, nor is the Company assuming, any of the undersigned's responsibilities
to comply with Section 16 of the Securities Exchange Act of 1934.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Power of Attorney shall
remain in full force and effect until the undersigned is no longer required to file Forms 3, 4, and 5 with respect to the undersigned's
holdings of and transactions in securities issued by the Company, unless earlier (a) revoked by the undersigned in a signed writing delivered
to the foregoing attorneys-in-fact or (b) superseded by a new power of attorney regarding the purposes outlined herein at a later date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney
to be executed as of this 13th day of January, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 53%">&nbsp;</TD>
  <TD STYLE="width: 30%">/s/ Jason Scher</TD>
    <TD STYLE="width: 17%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: center; border-top: Black 1pt solid">Signature</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: center"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Jason Scher</P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD STYLE="border-top: Black 1pt solid; text-align: center">Name </TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in"></P>

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