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

Rhea-AI Filing Summary

InnovAge Holding Corp. (INNV) filed a Form 4 disclosing that director Edward M. Kennedy Jr. received 25,316 Restricted Stock Units (RSUs) on July 1, 2025. The award was recorded at a purchase price of $0 because RSUs are equity compensation rather than open-market purchases.

The RSUs will vest in full on June 30, 2026, provided the director remains in service through that date. Upon settlement, the units will convert into an equivalent number of common shares. Following the grant, Kennedy’s direct beneficial ownership totals 68,157 shares of InnovAge common stock.

No sales, option exercises, derivative positions, or other transactions were reported. The filing therefore reflects a routine equity-compensation grant that modestly increases insider alignment but does not involve immediate cash inflows, earnings information, or strategic developments.

Positive

• Director’s beneficial ownership increases by 25,316 shares, incrementally aligning insider and shareholder interests.

Negative

• RSU grant creates potential future dilution once shares vest, though impact is expected to be minor.
• No open-market purchase; therefore, the filing offers limited positive signaling about management’s view of the stock’s value.

Insights

Financial Analyst

TL;DR: Routine RSU grant; neutral impact, modestly improves alignment, negligible dilution until vesting.

The award of 25,316 RSUs to Director Edward M. Kennedy Jr. is standard board compensation. Because the units vest in 2026 and were issued at no cost, the grant only potentially dilutes shareholders after vesting and has no near-term P&L or cash impact. Insider ownership rises to 68,157 shares, incrementally strengthening incentive alignment, but the size is immaterial relative to InnovAge’s overall float. With no accompanying purchases, sales, or performance commentary, I view the filing as administratively routine and neutral for valuation.

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
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

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		S		10,000(1)	D	$12	2,963,180	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. These shares were sold pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on August 5, 2024.

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

	/s/Anil Doradla, by power of attorney	07/02/2025
	** 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 insider transaction did InnovAge (INNV) report on Form 4?

Director Edward M. Kennedy Jr. was granted 25,316 Restricted Stock Units on July 1, 2025.

When will the RSUs granted to Edward M. Kennedy Jr. vest?

The RSUs will vest in full on June 30, 2026, subject to continued service.

How many InnovAge shares does Kennedy own after the transaction?

His total direct beneficial ownership is 68,157 common shares following the grant.

Did the Form 4 disclose any stock sales or option exercises?

No. The filing only reported an RSU grant; there were no sales or option exercises.

Was any cash paid for the RSUs?

No. RSUs are issued at $0 purchase price as part of equity-based compensation.