PATH Form 4: Dines Daniel sells 45,000 shares; retains majority control

Rhea-AI Filing Summary

UiPath insider sale and holdings Dines Daniel, UiPath CEO and Chairman, reported the sale of 45,000 shares of Class A common stock on 09/10/2025. The Form 4 states the sale was made pursuant to a Rule 10b5-1 selling plan. The reported price range for the transactions was $12.00 to $12.04 per share. The filing shows 2,700,133 shares beneficially owned indirectly through Ice Vulcan Holding Limited, 29,918,585 shares held directly, and 240,000 shares indirectly held by a spouse. The explanation clarifies Ice Vulcan Holding Limited is ultimately controlled by Mr. Dines, who retains sole voting and investment power.

Positive

• Sale conducted under a Rule 10b5-1 plan, indicating a prearranged, non-timed disposition
• Clear disclosure of ownership structure showing voting and investment power retained through Ice Vulcan entities

Negative

• Insider sale of 45,000 shares could be viewed negatively by some investors despite plan protection
• Highly concentrated insider ownership with large direct and indirect shareholdings, which may raise governance concentration concerns

Insights

Financial Analyst

TL;DR Insider sale was executed under a prearranged 10b5-1 plan; ownership remains concentrated.

The 45,000-share sale reported at prices between $12.00 and $12.04 appears to be a routine disposition under a Rule 10b5-1 plan, which reduces the likelihood of signaling opportunistic timing by management. Absolute sale size is small relative to the large beneficial holdings reported, leaving Mr. Dines with significant direct and indirect exposure. For investors, the key datapoints are the sale method and the retained concentrated ownership via Ice Vulcan Holding Limited, which preserves control and aligns long-term incentives.

Corporate Governance Expert

TL;DR Sale follows governance best practice using a 10b5-1 plan; disclosure confirms ownership structure.

The Form 4 cleanly discloses the transaction and the ownership chain: IceVulcan Investments Ltd. is sole shareholder of Ice Vulcan Holding Limited and Mr. Dines is sole shareholder of IceVulcan Investments Ltd., retaining sole voting and investment power. Use of an executed 10b5-1 plan is a standard governance mechanism to avoid appearance of insider trading. The filing strengthens transparency around control but indicates concentrated insider ownership, which has governance implications for minority shareholders.

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
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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)
09/10/2025

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	09/10/2025		S		45,000(1)	D	$12.0103(2)	2,700,133	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 $12.000 to $12.04. 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	09/10/2025
	** 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 UiPath insider Dines Daniel report on Form 4 (PATH)?

He reported the sale of 45,000 Class A shares on 09/10/2025 executed under a Rule 10b5-1 selling plan.

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

The reported transaction prices ranged from $12.00 to $12.04 per share.

How many UiPath shares does Dines Daniel beneficially own according to the filing?

The Form 4 lists 2,700,133 shares indirectly, 29,918,585 shares directly, and 240,000 shares indirectly held by a spouse.

Was the sale prearranged or opportunistic according to the filing?

The filing states the sale was made pursuant to a qualified 10b5-1 selling plan, indicating it was prearranged.

Who controls the shares held by Ice Vulcan Holding Limited?

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