PATH Form 4: CEO Dines reports 122,733-share sale, ownership via Ice Vulcan

Rhea-AI Filing Summary

Daniel Dines, who is CEO, Chairman and a 10% owner of UiPath, Inc. (PATH), reported sales of 122,733 shares of Class A common stock on 09/18/2025 under a Rule 10b5-1 selling plan at prices ranging from $11.83 to $12.01 per share. The filing states the shares sold were held by Ice Vulcan Holding Limited, whose ownership chain identifies Mr. Dines as the sole shareholder of IceVulcan Investments Ltd., and that he retains sole voting and investment power over those shares. The form also lists a separate disposition of 29,918,585 shares and indicates 240,000 Class A shares are held indirectly by a spouse. The Form 4 was signed by an attorney-in-fact.

Positive

• Transaction executed under a Rule 10b5-1 plan, indicating pre-planned compliance with insider trading rules
• Clear ownership disclosure showing control through Ice Vulcan entities and retention of sole voting and investment power

Negative

• Insider sale of 122,733 Class A shares reported at prices between $11.83 and $12.01
• Additional large disposition line of 29,918,585 shares appears on the filing and may be significant though context is not provided

Insights

Corporate Governance Expert

TL;DR: Insider sales executed under a 10b5-1 plan, with ownership held through a controlled entity; standard governance disclosure.

The filing shows compliance with required Section 16 reporting and notes that the sales were made pursuant to a qualified Rule 10b5-1 plan, which typically signals pre-planned, rule-compliant disposition rather than opportunistic trading. The filing also clarifies the ownership chain through Ice Vulcan entities and confirms Mr. Dines retains sole voting and investment power, which is important for assessing control and governance influence.

Securities Analyst

TL;DR: Reported sale is explicit and priced; impact depends on total outstanding shares and context not provided here.

The report details 122,733 Class A shares sold at a weighted range of $11.83 to $12.01. Without information on total outstanding shares or recent insider holdings changes, the transaction cannot be judged as materially dilutive or a signal of changed conviction. The separate line showing 29,918,585 shares disposed and 240,000 shares held indirectly by a spouse merit attention but require corroborating context from other filings to assess materiality.

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

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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)
09/18/2025

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	09/18/2025		S		122,733(1)	D	$11.9278(2)	2,454,667	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 $11.8300 to $12.0100. 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	09/18/2025
	** 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 (PATH) report on Form 4 dated 09/18/2025?

The filing reports sale of 122,733 Class A shares on 09/18/2025 under a Rule 10b5-1 plan at prices ranging from $11.83 to $12.01.

How does Mr. Dines hold his UiPath (PATH) shares according to the filing?

The shares are held by Ice Vulcan Holding Limited; IceVulcan Investments Ltd. is the sole shareholder of that holding company, and Mr. Dines is the sole shareholder of IceVulcan Investments Ltd., retaining sole voting and investment power.

Does the Form 4 show any other notable share entries for PATH?

Yes. The filing lists a separate disposition of 29,918,585 Class A shares and indicates 240,000 Class A shares held indirectly by a spouse.

Were the sales discretionary or pre-planned according to the filing?

The filing states the shares were sold in compliance with a qualified Rule 10b5-1 selling plan, indicating the transactions were pre-planned.

Who signed the Form 4 for Daniel Dines?

The Form 4 was signed by Brad Brubaker, Attorney-in-Fact on 09/18/2025.