LIFEWAY FOODS, INC. (NASDAQ:LWAY) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement
On December 28, 2020, Lifeway Foods, Inc. (the “Company”) entered into an amended and restated consulting agreement (the “Agreement”), effective as of December 31, 2020, with Ludmila Smolyansky, the Company’s Chairman of the Board. Under the terms and conditions of the Agreement, Ms. Smolyansky will continue to provide consulting services with respect to, among other things, our business strategy, international expansion and product management and expansion. For her services, the Company will pay Ms. Smolyansky an annual service fee of $500,000. Ms. Smolyansky will also be eligible for an annual performance fee target of $500,000 based on the achievement of specified performance criteria. Ms. Smolyansky’s annual service fee and target bonus amounts are subject to periodic change by the Compensation Committee of the Company’s Board of Directors on 30 days’ prior written notice to Ms. Smolyansky. The Agreement shall continue until either party provides at least a 10 day written notice of termination. Ms. Smolyansky will continue to be paid in arrears to the currently effective Consulting Agreement, dated as of March 8, 2016, between the Company and Ms. Smolyansky (the “Consulting Agreement”) only for periods ending on or before December 31, 2020. The foregoing description of the Agreement is qualified in its entirety by reference to the full text of the Agreement which will be filed in accordance with the SEC’s rules and regulations.
Item 1.02. Termination of a Material Definitive Agreement.
In accordance with the terms of the Consulting Agreement, on December 21, 2020, the Company gave 10 days prior written notice to Ms. Smolyansky that the Company is terminating the Consulting Agreement effective December 31, 2020.
Item 9.01. Financial Statements and Exhibits
|10.1||Amended and Restated Consulting Agreement dated December 28, 2020 by and between the Company and Ludmila Smolyansky||Filed Herewith|
Lifeway Foods, Inc. Exhibit
EX-10.1 2 lifeway_ex1001.htm AMENDED AND RESTATED CONSULTING AGREEMENT Exhibit 10.1 AMENDED AND RESTATED CONSULTING AGREEMENT THIS AMENDED AND RESTATED CONSULTING AGREEMENT (this “Agreement”) is made as of this 28th day of December,…
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About LIFEWAY FOODS, INC. (NASDAQ:LWAY)
Lifeway Foods, Inc. (Lifeway) is engaged in the manufacturing of probiotic, cultured, functional dairy health food products. The Company is engaged in the sale of fermented dairy products, which are produced and are sold to consumers through a network of distributors and retailers in the United States. Through its distributors, the Company also sells its products to retailers in Mexico, Costa Rica, Dubai, Hong Kong, China and the Caribbean. The Company’s primary product is kefir, a dairy beverage similar to but distinct from yogurt, in various flavors and in various package configurations. In addition to the drinkable products, Lifeway manufactures Lifeway Farmer Cheese, a line of various farmer cheeses. Kefir also serves as a base for lower-calorie dressings, dips, marinades, soups or sauces and as a basic ingredient in other home-prepared foods. Recipes are made available through the Company’s Website. The Company also markets and sells its ProBugs line of drinkable kefir.