Daniel Dines Disposes of UiPath Shares Under 10b5-1 Plan; Ownership Details Disclosed

Rhea-AI Filing Summary

Daniel Dines, CEO and Chairman of UiPath, Inc. (PATH), reported transactions dated 09/29/2025 on Form 4 showing dispositions of Class A common stock. The filing lists two dispositions on that date: 122,733 shares sold at prices ranging from $12.1750 to $12.4600 and a larger reported disposition of 29,918,585 shares. Following the reported transactions, the filing shows 1,595,536 shares beneficially owned indirectly by Ice Vulcan Holding Limited and 240,000 shares indirectly held by spouse. The sales were made under a Rule 10b5-1 qualified selling plan. The filing also discloses that IceVulcan Investments Ltd. is the sole shareholder of Ice Vulcan Holding Limited and that Mr. Dines retains sole voting and investment power.

Positive

• Transactions executed under a Rule 10b5-1 plan, which the filing explicitly states
• Clear disclosure of ownership chain (IceVulcan entities) and that Mr. Dines retains sole voting and investment power

Negative

• Large dispositions reported on a single date (122,733 and 29,918,585 shares) which may be material in size
• Substantial reduction in direct holdings implied by the reported dispositions (as reflected by the reported beneficial ownership figures)

Insights

Financial Analyst

TL;DR: Significant insider dispositions on a single date under a 10b5-1 plan; beneficial ownership remains partly indirect.

The Form 4 documents material insider sales by the company's CEO and Chairman on 09/29/2025, including a reported sale of 122,733 shares at prices between $12.1750 and $12.4600 and an additional reported disposition of 29,918,585 shares. The filer states the transactions were executed under a Rule 10b5-1 plan, which indicates pre-arranged selling. The filing also clarifies ownership through related entities: Ice Vulcan Holding Limited holds shares indirectly, with Mr. Dines retaining sole voting and investment power. These facts are directly stated; no further inference is made about timing or intent beyond the plan disclosure.

Corporate Governance Expert

TL;DR: Governance disclosure shows indirect ownership structure and use of 10b5-1 plan; clear reporting of voting and investment power.

The filing provides explicit disclosure of the indirect ownership chain and affirms that Mr. Dines exercises sole voting and investment authority over shares held by Ice Vulcan Holding Limited. The use of a qualified 10b5-1 selling plan is noted, which typically provides an affirmative defense against insider trading allegations when compliant. The document also records an indirect holding of 240,000 shares by the reporting person’s spouse. All statements are taken from the filing without extrapolation.

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
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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)
09/29/2025

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	09/29/2025		S		122,733(1)	D	$12.3339(2)	1,595,536	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 $12.1750 to $12.4600. 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	09/29/2025
	** 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 insider transactions did Daniel Dines report for UiPath (PATH)?

The Form 4 reports dispositions on 09/29/2025 including sales of 122,733 shares at prices between $12.1750 and $12.4600 and a reported disposition of 29,918,585 shares.

Were the sales by Daniel Dines part of a pre-arranged plan?

Yes. The filing states the shares were sold in compliance with a qualified Rule 10b5-1 selling plan.

How many UiPath shares does Daniel Dines beneficially own after the reported transactions?

The Form 4 reports 1,595,536 shares beneficially owned indirectly by Ice Vulcan Holding Limited and 240,000 shares indirectly by the reporting person’s spouse.

What is the ownership structure disclosed in the Form 4?

The filing states IceVulcan Investments Ltd. is the sole shareholder of Ice Vulcan Holding Limited, and Mr. Dines is the sole shareholder of IceVulcan Investments Ltd., retaining sole voting and investment power.

What price range were the reported sales executed at?

The reported transactions were executed at prices ranging from $12.1750 to $12.4600.