PATH Form 144 Filed for 1M Founder Shares; Multiple 10b5-1 Sales Listed

Rhea-AI Filing Summary

UiPath, Inc. (PATH) submitted a Form 144 reporting a proposed sale of 1,000,000 common shares through Morgan Stanley Smith Barney LLC, with an aggregate market value of $12,530,000 and an approximate sale date of 09/24/2025 on the NYSE. The shares were acquired as Founders Shares on 04/21/2021 from the issuer and appear to be offered from the account of the person identified in the filing. The filing also lists numerous recent 10b5-1 sales by ICE VULCAN HOLDING LIMITED across July–September 2025, including multiple blocks of 122,733 shares on several September dates and repeated 45,000-share sales in July and June 2025.

The notice includes the standard representation that the seller does not possess undisclosed material adverse information and indicates reliance on broker execution via Morgan Stanley Smith Barney LLC.

Positive

• Disclosure compliance: The filer provides required Form 144 details including broker, class, amount, aggregate market value, acquisition history, and representation about material information.
• Use of 10b5-1 plans: Multiple sales are identified as 10b5-1 sales, indicating prearranged trading plans for earlier dispositions.

Negative

• Sizeable insider sale: Proposed sale of 1,000,000 founder shares valued at $12,530,000 could increase shares available to the market.
• Recent concentrated sales: Numerous 10b5-1 transactions in June–September 2025 (including repeated 122,733-share and 45,000-share blocks) indicate ongoing insider liquidity events.

Insights

Securities Analyst

TL;DR: Large founder share sale filed; multiple recent 10b5-1 dispositions suggest ongoing liquidity events rather than a single isolated sale.

The Form 144 discloses a proposed disposition of 1,000,000 founder shares valued at $12.53 million through Morgan Stanley Smith Barney LLC with an intended sale date of 09/24/2025. The filing also itemizes a sequence of 10b5-1 sales by ICE VULCAN HOLDING LIMITED in June–September 2025, including several 122,733-share and 45,000-share transactions. For market participants, the combination of a large scheduled founder sale and recent systematic 10b5-1 trades could increase available float near the listed dates; this is a disclosure of insider liquidity activity rather than operational performance.

Corporate Governance Expert

TL;DR: Insider liquidity via founder shares and numerous 10b5-1 sales is material to governance oversight and shareholder dilution monitoring.

The document shows the sale of founder-held common shares acquired 04/21/2021 and numerous reported 10b5-1 transactions by ICE VULCAN HOLDING LIMITED across mid-2025. Such concentrated insider dispositions warrant governance attention to ensure compliance with disclosure and trading-plan rules. The filing includes the required representation about absence of undisclosed material adverse information and names the executing broker, meeting Form 144 procedural requirements.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

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

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

Relationship to Issuer

Relationship to Issuer

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	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	1000000	12530000.00	453568899	09/24/2025	NYSE

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	04/21/2021	Founders Shares	Issuer			1000000	04/21/2021	N/A

* 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

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	09/23/2025	122733	1590926.51
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	09/22/2025	122733	1496925.31
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	09/19/2025	122733	1463357.83
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	09/18/2025	122733	1463934.68
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	09/17/2025	122733	1437718.91
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	09/10/2025	45000	540463.50
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	07/31/2025	9988	119856.00
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	07/30/2025	45000	542776.50
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	07/29/2025	45000	548788.50
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	07/28/2025	45000	547402.50
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	07/25/2025	45000	551151.00
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	07/24/2025	45000	564768.00
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	07/23/2025	45000	565402.50
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	07/22/2025	45000	561231.00
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	07/21/2025	45000	572229.00
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	07/18/2025	45000	557154.00
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	07/17/2025	45000	560142.00
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	07/16/2025	45000	559206.00
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	07/15/2025	45000	562612.50
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	07/14/2025	45000	559593.00
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	07/11/2025	45000	572094.00
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	07/10/2025	45000	587650.50
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	07/09/2025	45000	592668.00
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	07/08/2025	45000	594513.00
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	07/07/2025	45000	590116.50
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	07/03/2025	45000	585594.00
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	07/02/2025	45000	564250.50
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	07/01/2025	45000	577971.00
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	06/30/2025	45000	575194.50
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	06/27/2025	45000	575014.50
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	06/26/2025	45000	556983.00
10b5-1 Sales for ICE VULCAN HOLDING LIMITED One Vanderbilt Avenue, 60th Floor New York NY 10017	Common	06/25/2025	45000	564714.00

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

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

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

FAQ

How many shares is PATH proposing to sell under this Form 144?

The filing reports a proposed sale of 1,000,000 common shares with an aggregate market value of $12,530,000.

Who is the broker handling the proposed PATH sale?

The broker named in the filing is Morgan Stanley Smith Barney LLC, located at 1 New York Plaza, 8th Floor, New York, NY 10004.

When were the shares being offered acquired according to the filing?

The securities to be sold were acquired as Founders Shares on 04/21/2021 from the issuer.

Does the filing show other recent PATH insider sales?

Yes. The filing lists multiple 10b5-1 sales by ICE VULCAN HOLDING LIMITED in June–September 2025, including several transactions of 122,733 shares on multiple September dates and repeated 45,000-share sales in July and June 2025.

What is the planned approximate date of the proposed sale?

The filing indicates an approximate date of sale of 09/24/2025.