Form 4: Daniel Dines Executes 10b5-1 Sale, Retains Control of Ice Vulcan Holdings

Rhea-AI Filing Summary

Daniel Dines, who serves as CEO and Chairman of UiPath, Inc. (PATH) filed a Form 4 reporting insider sales executed on 10/02/2025. The filing discloses the sale of 122,733 shares of Class A common stock at prices ranging from $12.76 to $13.03 under a qualified Rule 10b5-1 selling plan. After the reported transactions, the filing shows 1,227,337 shares beneficially owned indirectly through Ice Vulcan Holding Limited, while other entries list 29,918,585 and 240,000 shares in separate lines. A footnote explains that Ice Vulcan entities are ultimately controlled by Mr. Dines, who retains sole voting and investment power for those shares.

Insights

Corporate Governance Analyst

Insider sale under a prearranged 10b5-1 plan; significant residual indirect holdings remain.

The Form 4 discloses a sale of 122,733 Class A shares executed on 10/02/2025 at prices between $12.76 and $13.03, and states the sale was made pursuant to a qualified Rule 10b5-1 plan. Using such a plan indicates the transactions were pre-scheduled rather than ad hoc.

The filing also documents substantial ownership retained indirectly through Ice Vulcan Holding Limited, with 1,227,337 shares expressly noted and additional lines listing 29,918,585 and 240,000 shares. The footnote confirms Mr. Dines retains sole voting and investment power over the shares held by the Ice Vulcan entities, which is material to control 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

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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).

1. Name and Address of Reporting Person^*

Dines Daniel

(Last) (First) (Middle)

C/O UIPATH, INC., ONE VANDERBILT AVENUE

60TH FLOOR

(Street)

NEW YORK NY 10017

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
UiPath, Inc. [ PATH ]

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

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	CEO and Chairman

3. Date of Earliest Transaction (Month/Day/Year)
10/02/2025

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
Class A Common Stock	10/02/2025		S		122,733(1)	D	$12.8412(2)	1,227,337	I	See Footnote(3)
Class A Common Stock								29,918,585	D
Class A Common Stock								240,000	I	by Spouse

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 in compliance with a qualified selling plan adopted by the Reporting Person pursuant to Rule 10b5-1 promulgated under the Securities Exchange Act of 1934, as amended.

2. The range of prices for the transactions reported was from $12.7600 to $13.0300. The Reporting Person will provide, upon request by the Commission staff, the Issuer or a security holder of the Issuer, full information regarding the number of shares purchased or sold at each separate price.

3. The shares are held by Ice Vulcan Holding Limited. IceVulcan Investments Ltd. is the sole shareholder of Ice Vulcan Holding Limited, and Mr. Dines is the sole shareholder of IceVulcan Investments Ltd. Mr. Dines retains sole voting and investment power with respect to the shares of Class A Common Stock and Class B Common Stock held by Ice Vulcan Holding Limited.

Remarks:

	/s/ Brad Brubaker, Attorney-in-Fact	10/02/2025
	** 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 did Daniel Dines report on the Form 4 for PATH?

The Form 4 reports that Daniel Dines sold 122,733 Class A shares on 10/02/2025 under a qualified Rule 10b5-1 plan at prices between $12.76 and $13.03.

How many PATH shares does the filing show are held indirectly by Ice Vulcan?

The filing indicates 1,227,337 shares are beneficially owned indirectly through Ice Vulcan Holding Limited, and notes additional lines listing 29,918,585 and 240,000 shares.

Was the insider sale discretionary or preplanned?

The sale was made in compliance with a qualified Rule 10b5-1 selling plan, which indicates the transactions were preplanned.

What relationship does the reporting person have to UiPath?

The reporting person, Daniel Dines, is listed as Director, CEO and Chairman, and a 10% owner of UiPath.

Does Daniel Dines retain control over the shares held by Ice Vulcan?

Yes. The footnote states Mr. Dines is the sole shareholder of the intermediary entity and retains sole voting and investment power over the shares held by Ice Vulcan Holding Limited.