LWAY Director Sells 24,566 Shares at $24.23 Avg 鈥� Retains 1 Share

Q: How many Lifeway Foods (LWAY) shares did Director Jason Scher sell?

He sold 8,200 shares on 26 Jun 2025 and 16,366 shares on 27 Jun 2025, totaling 24,566 shares.

Q: What was the average selling price for the LWAY insider sales?

Shares were sold at $24.22 and $24.24; the volume-weighted average is approximately $24.23 per share.

Q: How many LWAY shares does the director still own directly after the transactions?

Only 1 share remains in direct ownership.

Q: What equity awards does the director still hold?

He retains 8,767 unvested RSUs vesting through 2027 and 72,118 phantom stock units payable when he leaves the board.

Q: Is the transaction under a Rule 10b5-1 trading plan?

The Form 4 does not mark the 10b5-1 checkbox, indicating no pre-arranged trading plan was used.

[144] Deckers Outdoor Corp SEC Filing

Filing Impact

(Low)

Filing Sentiment

(Neutral)

Form Type

144

Rhea-AI Filing Summary

Lifeway Foods, Inc. (LWAY) 鈥� Form 4 insider transaction

Director Jason Scott Scher reported two open-market sales of the company鈥檚 common stock:

26 Jun 2025: Sold 8,200 shares at $24.22 per share; direct holdings fell to 16,367 shares.
27 Jun 2025: Sold 16,366 shares at $24.24 per share; direct holdings dropped to 1 share.

Aggregate proceeds are roughly $0.59 million. After the sales, Scher retains minimal direct equity but continues to hold substantial equity-linked compensation:

RSUs: 8,767 units vesting between Aug-2025 and Jul-2027.
Phantom stock: 72,118 units payable upon board departure.

The filing indicates no use of a 10b5-1 trading plan. The near-total liquidation of directly owned shares鈥攚hile derivatives remain鈥攃an be interpreted as reduced short-term confidence, though continued board service and unvested awards maintain long-term alignment.

Positive

Substantial unvested RSUs and 72,118 phantom shares keep the director economically aligned with long-term shareholder value.

Negative

Director disposed of ~24,566 shares (鈮�99% of direct holdings) in two days, potentially signalling reduced short-term confidence.
Sales were open-market transactions without a disclosed 10b5-1 plan, increasing the perception of discretionary timing.

Insights

TL;DR: Director sold ~99% of direct LWAY shares, raising 鈮�$0.6 M; retains sizeable RSU/phantom holdings.

The two consecutive sales trimmed Scher鈥檚 direct stake from 24,567 to 1 share, signalling a material decline in immediate skin-in-the-game. While insider sales are not automatically bearish, the magnitude (鈮�99% divestiture) and absence of a disclosed 10b5-1 plan raise concern about near-term valuation or liquidity needs. Nevertheless, 80k+ equity-linked units remain, indicating future upside participation if performance persists. From a trading-signal perspective, the event skews negative, especially given LWAY鈥檚 thin float where insider sentiment can influence price.

TL;DR: Governance neutral; sale large but director still holds unvested awards that align long-term interests.

Large insider disposals often prompt scrutiny, yet Scher鈥檚 deferred compensation structure keeps a majority of his economic exposure locked until 2025-2027 or board exit. This design mitigates potential misalignment created by selling common shares. No red flags emerge on compliance鈥攖he Form 4 is timely and properly authorized. However, investors may question board confidence given the symbolic retention of only one share. Overall governance impact is limited, but optics are mildly negative.

06/27/2025 - 11:20 AM

144: Filer Information

Filer CIK

0001238533

Filer CCC

XXXXXXXX

Is this a LIVE or TEST Filing?

LIVE TEST

Submission Contact Information

Name

Phone

E-Mail Address

144: Issuer Information

Name of Issuer

DECKERS OUTDOOR CORP

SEC File Number

001-36436

Address of Issuer

250 COROMAR DRIVE
GOLETA
CALIFORNIA
93117

Phone

8059677611

Name of Person for Whose Account the Securities are To Be Sold

DEVINE MICHAEL F III

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

Officer

144: Securities Information

Title of the Class of Securities To Be Sold

Name and Address of the Broker

Number of Shares or Other Units To Be Sold

Aggregate Market Value

Number of Shares or Other Units Outstanding

Approximate Date of Sale

Name the Securities Exchange

Common

Janney Montgomery Scott LLC
1717 Arch Street
Philadelphia PA 19103

5000

523000.00

33540

06/27/2025

NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class

Date you Acquired

Nature of Acquisition Transaction

Name of Person from Whom Acquired

Is this a Gift?

Date Donor Acquired

Amount of Securities Acquired

Date of Payment

Nature of Payment *

Common

09/15/2015

Forward Compensation

DECKERS OUTDOOR CORP

33540

09/15/2015

Compensation

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Nothing to Report

144: Remarks and Signature

Remarks

Date of Notice

06/27/2025

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

MICHAEL F DEVINE III

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

Source:

FAQ

How many Lifeway Foods (LWAY) shares did Director Jason Scher sell?

He sold 8,200 shares on 26 Jun 2025 and 16,366 shares on 27 Jun 2025, totaling 24,566 shares.

What was the average selling price for the LWAY insider sales?

Shares were sold at $24.22 and $24.24; the volume-weighted average is approximately $24.23 per share.

How many LWAY shares does the director still own directly after the transactions?

Only 1 share remains in direct ownership.

What equity awards does the director still hold?

He retains 8,767 unvested RSUs vesting through 2027 and 72,118 phantom stock units payable when he leaves the board.

Is the transaction under a Rule 10b5-1 trading plan?

The Form 4 does not mark the 10b5-1 checkbox, indicating no pre-arranged trading plan was used.

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[144] Deckers Outdoor Corp SEC Filing

Insights

144: Filer Information

Submission Contact Information

144: Issuer Information

144: Securities Information

144: Securities To Be Sold

144: Securities Sold During The Past 3 Months

144: Remarks and Signature

ATTENTION:

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

How many Lifeway Foods (LWAY) shares did Director Jason Scher sell?

What was the average selling price for the LWAY insider sales?

How many LWAY shares does the director still own directly after the transactions?

What equity awards does the director still hold?

Is the transaction under a Rule 10b5-1 trading plan?

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[144] Deckers Outdoor Corp SEC Filing

Insights

Financial Analyst negative

Corporate Governance Expert neutral

144: Filer Information

Submission Contact Information

144: Issuer Information

144: Securities Information

144: Securities To Be Sold

144: Securities Sold During The Past 3 Months

144: Remarks and Signature

ATTENTION:

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

How many Lifeway Foods (LWAY) shares did Director Jason Scher sell?

What was the average selling price for the LWAY insider sales?

How many LWAY shares does the director still own directly after the transactions?

What equity awards does the director still hold?

Is the transaction under a Rule 10b5-1 trading plan?

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