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

Q: What did Daniel Dines report on Form 4 for PATH?

The Form 4 reports that Daniel Dines sold 122,733 shares of UiPath Class A common stock on 09/23/2025 under a Rule 10b5-1 plan.

Q: At what prices were the PATH shares sold by Daniel Dines?

The filing states the sale prices ranged from $12.84 to $13.21 , and the reporting person will provide per-price allocation upon request.

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Daniel Dines, reporting person and UiPath CEO and Chairman, reported a sale of 122,733 shares of Class A common stock on 09/23/2025 under a qualified Rule 10b5-1 selling plan. The reported sale prices ranged from $12.84 to $13.21. The filing shows the reporting person retains indirect beneficial ownership of 2,086,468 shares through Ice Vulcan Holding Limited and notes 240,000 shares held indirectly by a spouse. The filing identifies IceVulcan Investments Ltd. as sole shareholder of Ice Vulcan Holding Limited and states Mr. Dines retains sole voting and investment power over those shares. The Form 4 was filed by one reporting person and executed by an attorney-in-fact on the same date.

Positive

Transaction executed under a documented Rule 10b5-1 plan, demonstrating pre-planned compliance with insider trading rules
Clear disclosure of ownership structure and voting/investment power via Ice Vulcan entities, improving transparency

Negative

Insider disposition of 122,733 shares may be perceived as insider selling, which some investors view negatively

Insights

TL;DR: Routine insider sale under a 10b5-1 plan; disclosure confirms holdings and voting control.

The sale of 122,733 Class A shares executed on 09/23/2025 was conducted pursuant to a 10b5-1 plan, which provides an affirmative defense against insider trading claims when properly adopted. The filing plainly discloses the price range ($12.84–$13.21) and reconfirms that shares are held indirectly via Ice Vulcan Holding Limited with sole voting and investment power retained by Mr. Dines. For investors, this is a transparent reporting of insider liquidity rather than an unexplained opportunistic trade.

TL;DR: Governance appears compliant; ownership structure and authority over shares are clearly disclosed.

The Form 4 identifies Mr. Dines as CEO, Chairman and a 10% owner, and details the ownership chain: IceVulcan Investments Ltd. is sole shareholder of Ice Vulcan Holding Limited, with Mr. Dines as sole shareholder of IceVulcan Investments Ltd. The filing appropriately discloses indirect ownership and voting/investment power, and the transaction was processed via a documented 10b5-1 plan, which aligns with best practices for pre-planned insider sales. No other governance irregularities are apparent from this filing alone.

Insider Trade Summary

Net Seller: 122,733 shares ($1,590,927)

Net Sell 3 txns

Insider Dines Daniel

Role CEO and Chairman

Sold 122,733 shs ($1.59M)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	122,733	$12.9625	$1.59M
holding	Class A Common Stock	--	--	--
holding	Class A Common Stock	--	--	--

Holdings After Transaction: Class A Common Stock — 2,086,468 shares (Indirect, See Footnote); Class A Common Stock — 29,918,585 shares (Direct)

Footnotes (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. The range of prices for the transactions reported was from $12.8400 to $13.2100. 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. 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.

Form 4 Insider Transactions: What Each Field Means →

09/23/2025 - 04:25 PM

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).

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

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)
09/23/2025

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	09/23/2025		S		122,733⁽¹⁾	D	$12.9625⁽²⁾	2,086,468	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

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 $12.8400 to $13.2100. 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	09/23/2025
	** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What did Daniel Dines report on Form 4 for PATH?

The Form 4 reports that Daniel Dines sold 122,733 shares of UiPath Class A common stock on 09/23/2025 under a Rule 10b5-1 plan.

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

The filing states the sale prices ranged from $12.84 to $13.21, and the reporting person will provide per-price allocation upon request.

How many PATH shares does Daniel Dines beneficially own after the reported transaction?

The filing shows Mr. Dines has indirect beneficial ownership of 2,086,468 shares through Ice Vulcan Holding Limited and notes 240,000 shares indirectly held by a spouse.

Was the PATH transaction part of an approved trading plan?

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

Who controls the shares held by Ice Vulcan entities?

The filing states IceVulcan Investments Ltd. is the sole shareholder of Ice Vulcan Holding Limited and that Mr. Dines retains sole voting and investment power over those shares.