[Form 4] Kilroy Realty Corp. Insider Trading Activity

Rhea-AI Filing Summary

UiPath, Inc. (PATH) – Form 4 insider transaction

• On 11 July 2025, co-founder, CEO, Chairman and 10% owner Daniel Dines reported the sale of 45,000 Class A shares at a VWAP of $12.7132.
• The disposition was executed under a Rule 10b5-1 pre-arranged trading plan (Footnote 1), indicating the transaction was scheduled in advance.
• Following the sale, Dines’ beneficial ownership stands at 30,351,961 Class A shares (24,918,585 direct; 5,193,376 indirect via Ice Vulcan Holding Ltd.; 240,000 indirect via spouse), representing a minor reduction (~0.15%) of his total reported holdings.
• The price range for the trade was $12.67 – $12.81; detailed breakdown is available upon request (Footnote 2).
• Control of the indirect shares remains with Dines through Ice Vulcan Holding Ltd., as detailed in Footnote 3.

This filing reflects a routine, plan-based sale that has a negligible impact on Dines’ overall stake and does not alter the company’s capital structure.

Positive

• Sale executed under a Rule 10b5-1 plan, indicating pre-scheduled, compliant trading rather than reactive selling.
• CEO retains a very large equity position (≈30.3 million shares), preserving strong alignment with shareholder interests.

Negative

• Insider sale by the CEO can be interpreted as a modest bearish signal, even though the size is immaterial.

Insights

Equity Research Analyst

TL;DR: Small, pre-planned CEO sale—minimal fundamental impact.

The 45 k-share sale equates to roughly 0.15 % of Daniel Dines’ 30 m+ share position and <0.01 % of UiPath’s outstanding shares. Because the trade was executed under a Rule 10b5-1 plan, it is unlikely to signal a change in the executive’s outlook. The remaining stake preserves strong insider alignment. From a valuation or liquidity standpoint, the event is immaterial; therefore, I classify the market impact as neutral.

Corporate Governance Specialist

TL;DR: Governance-friendly disclosure; no red flags.

UiPath promptly disclosed the sale, noting 10b5-1 compliance, which supports transparency and mitigates perception of opportunistic trading. Dines maintains substantive ownership, aligning his incentives with shareholders. The negligible size relative to his holdings and the trading-plan context limit any negative governance implications. Overall, this is standard insider activity with no adverse signals.

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).

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^*

Schwartz Sherrie Sage

(Last) (First) (Middle)

C/O KILROY REALTY CORPORATION

12200 W. OLYMPIC BLVD., SUITE 200

(Street)

LOS ANGELES CA 90064

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
KILROY REALTY CORP [ NYSE: KRC ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	See Remarks

3. Date of Earliest Transaction (Month/Day/Year)
07/09/2025

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, par value $0.01 per share(1)	07/09/2025		A		41.0916	A	$0	2,739.4372	D

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. Grant of restricted stock units in respect of dividend equivalent rights with respect to underlying restricted stock unit awards previously reported on Table I, which were granted pursuant to the Kilroy Realty 2006 Incentive Award Plan and the terms of the applicable award agreement.

Remarks:

Executive Vice President, Chief Human Resources Officer

	/s/ Heidi R Roth, as attorney-in-fact for Sherrie Sage Schwartz	07/11/2025
	** 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

How many UiPath (PATH) shares did CEO Daniel Dines sell?

He sold 45,000 Class A shares on 11 July 2025.

At what price were the PATH shares sold?

The volume-weighted average price reported was $12.7132, within a $12.67–$12.81 range.

Was the sale part of a pre-arranged trading plan?

Yes. The filing states the sale was under a Rule 10b5-1 qualified selling plan.

How many UiPath shares does Daniel Dines still own after the transaction?

Post-sale beneficial ownership is 30,351,961 Class A shares (direct, indirect, and spouse holdings combined).

Does this insider sale significantly affect UiPath's share count?

No. The 45 k-share sale represents <0.01 % of shares outstanding and is not material to the float.