[Form 4] Grid Dynamics Holdings, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Grid Dynamics Holdings, Inc. (NASDAQ: GDYN) – Form 4 filing

CEO and Director Leonard Livschitz reported a Code F transaction on 01 July 2025, reflecting automatic share withholding to cover taxes on vested restricted stock units. The issuer withheld 35,901 common shares at an indicated value of $11.87 per share. Following the withholding, Livschitz directly owns 2,927,279 GDYN shares and indirectly, through his spouse, 13,134 shares. No open-market buys or sells and no derivative activity were disclosed.

Because the shares were withheld rather than sold at the executive’s discretion, the filing is considered routine. Livschitz maintains a substantial equity position, keeping management interests aligned with shareholders. The transaction has no cash impact on the company and does not change the total share count outstanding.

Insights

Financial Analyst

TL;DR: Routine RSU tax-withholding; neutral signal, CEO retains ~2.9 M shares.

The Form 4 shows an automatic share withholding (Code F) tied to RSU vesting, not a discretionary market sale. Such events are administratively required and carry little informational value about insider sentiment. Post-transaction, Leonard Livschitz still controls roughly 2.9 million shares directly, plus 13 k indirectly, underscoring continued insider alignment. No derivative exercises, purchases, or red flags appear, so the filing is neutral for valuation and liquidity considerations.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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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^*

Livschitz Leonard

(Last) (First) (Middle)

C/O GRID DYNAMICS HOLDINGS, INC.

5000 EXECUTIVE PARKWAY, SUITE 520

(Street)

SAN RAMON CA 94583

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
GRID DYNAMICS HOLDINGS, INC. [ GDYN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CHIEF EXECUTIVE OFFICER

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/01/2025		F		35,901(1)	D	$11.87	2,927,279	D
Common Stock								13,134	I	See footnote(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents shares that have been withheld by the Issuer to satisfy tax withholding and remittance obligations in connection with net settlement of restricted stock units.

2. The shares are held by the Reporting Person's spouse.

	/s/Anil Doradla, by power of attorney	07/03/2025
	** Signature of Reporting Person	Date
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.

FAQ

What transaction did GDYN CEO Leonard Livschitz report on Form 4?

A Code F transaction in which 35,901 shares were withheld to satisfy tax on RSU vesting.

How many GDYN shares does Livschitz own after the transaction?

He holds 2,927,279 shares directly and 13,134 shares indirectly via his spouse.

At what price were the withheld shares valued?

The shares were valued at $11.87 each for tax-withholding purposes.

Was this an open-market sale of GDYN stock?

No. It was an automatic share withholding to cover taxes, not a discretionary sale.

Did the filing include any derivative security exercises?

No derivative securities were reported; the filing only covered common stock withholding.