Daniel Dines files Form 4: 122,733 PATH shares sold under 10b5-1 plan

Rhea-AI Filing Summary

Daniel Dines, CEO and Chairman of UiPath, Inc. (PATH), reported an insider sale on 09/19/2025. The Form 4 shows a sale of 122,733 shares of Class A common stock at a reported price per share averaging $11.9231 2,331,934 shares held indirectly through Ice Vulcan Holding Limited and an additional 29,918,585 shares disposed 240,000 shares held indirectly by spouse

Positive

• Sale was made under a Rule 10b5-1 qualified selling plan, which indicates pre-arranged transactions rather than opportunistic trades
• Filing discloses ownership/control chain (IceVulcan entities and Mr. Dines’ sole voting and investment power), improving governance transparency

Negative

• Insider sold 122,733 shares which may be perceived negatively by some investors despite the 10b5-1 plan
• Form lists large dispositions and holdings (entries such as 29,918,585 disposed and 2,331,934 held indirectly) that could prompt investor questions about dilution or insider liquidity

Insights

Securities Analyst

TL;DR: CEO executed a planned Rule 10b5-1 sale of 122,733 PATH shares; significant indirect holdings remain.

The Form 4 documents a planned disposition under a Rule 10b5-1 plan, indicating the sale was pre-arranged and not an ad hoc market trade. The average reported price per share on 09/19/2025 was $11.9231 with a disclosed range of $11.7950 to $12.1200. The filing separately lists substantial indirect holdings through Ice Vulcan Holding Limited (2,331,934 shares) and notes Mr. Dines’ sole voting and investment power over those entities. The presence of sizeable indirect ownership alongside the sale is important context for evaluating insider alignment with shareholders.

Corporate Governance Expert

TL;DR: Sale occurred via a Rule 10b5-1 plan; disclosure clarifies control structure of owned shares.

The Form 4 appropriately discloses that the transactions were executed pursuant to a qualified selling plan, which helps mitigate concerns about opportunistic timing. The filing also clarifies the ownership chain: IceVulcan Investments Ltd. is the sole shareholder of Ice Vulcan Holding Limited and Mr. Dines is sole shareholder of IceVulcan Investments Ltd., retaining sole voting and investment power. Those control disclosures are material for governance transparency.

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)
09/19/2025

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	09/19/2025		S		122,733(1)	D	$11.9231(2)	2,331,934	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 $11.7950 to $12.1200. 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	09/19/2025
	** 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.
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FAQ

What did PATH insider Daniel Dines report on 09/19/2025?

The Form 4 reports a sale of 122,733 shares of Class A common stock executed on 09/19/2025 under a Rule 10b5-1 selling plan.

At what price were the PATH shares sold by Daniel Dines?

The filing reports an average price of $11.9231 per share and a transaction price range of $11.7950 to $12.1200.

Does Daniel Dines still hold PATH shares after this sale?

Yes. The Form 4 discloses 2,331,934 shares held indirectly by Ice Vulcan Holding Limited and indicates Mr. Dines retains sole voting and investment power over those shares.

Why was the sale executed under a Rule 10b5-1 plan?

The Form 4 states the shares were sold in compliance with a qualified selling plan adopted pursuant to Rule 10b5-1, which allows pre-arranged trades while limiting timing discretion by the insider.

Who filed the Form 4 on behalf of Daniel Dines?

The Form 4 is signed and dated by Brad Brubaker, Attorney-in-Fact for Daniel Dines on 09/19/2025.